Oil and gas

The UK Oil & Gas industry has a 50-year pedigree of exploration and production, resulting in the production of more than 44bn barrels of oil equivalent (boe) from the UK Continental Shelf (UKCS). Focusing on technically challenging methods of extraction and production, the UK is well placed to research and develop new technologies and innovations.

Market opportunities

It is estimated that up to 20bn boe could be produced owing to some frontier areas, new explorations and maximising brownfield recovery.

Rich and diverse environment

The UK supply chain excels at technical, operational, commercial and contractual innovation.

Government and industry support

The Department for International Trade (DIT) helps UK-based companies succeed in the global economy whilst also helping overseas companies bring their high-quality investment to the UK’s dynamic economy.

280,000

jobs supported by the industry

£20m

invested by the UK government in new seismic surveys on the UKCS

£1.2bn

in taxes paid by the industry in 2017/18

1,400

companies providing oilfield goods and services

£13bn

post-tax cashflow generated by the UKCS in 2018

The UK subsea industry

With over 45,000 employees and around 650 companies, the £7.5bn UK subsea sector leads the world in experience, innovation and technology with a 55% share of the global market.

Innovation

The UK government is backing plans for a multi-million-pound underwater engineering hub in Aberdeen to build on expertise in subsea robotics, remotely-operated underwater vehicles and maritime support vessels.

Exports

£12.3bn of goods and services were exported from the UK oil and gas supply chain in 2016, significantly contributing to the UK’s balance of payments.

Commitment to expansion

DIT is committed to helping UK supply chain companies across the whole of the oil & gas industry to double their global market share by 2035 (from 3.7% to 7.4%).

Next steps

Whether you’re looking for a supplier or starting a business in the UK, we can help. Get in touch with us for simple, straightforward help and advice on how to do business in the UK.