Economic Report 2017
30% higher over the first half of this year than the same period last year 300,000 jobs in the UK Every £1 million of industry expenditure sustained around 17 jobs across the UK economy last year The average NBP day-ahead gas price was
and F igures
of the UK’s energy mix will still come from oil and gas by 2035
5. Creating a Long-Term Future
1
The oil and gas industry supports over
The UK Government forecasts that
In Sum m ar y I n a raƉidly changing energy landscaƉe, the UK oil and gas industry ne e ds t o adap t t o m ax im ise it s v alue w it h in t h e e ne r gy m ix ov e r t h e long- t e r m . V ision 2035 is de signe d t o h e lp t h e se ct or focus on long- t e r m goals t o st ay r e le v ant and succe ssful. T h e r e m aining v alue of t h is indust r y w ill de p e nd lar ge ly on t w o Ĩactors͘ &irstly, the successĨul imƉlementation oĨ the industryΖs D Z UK strategy is critical to madžimise Ɖotential recoǀery Ĩrom the UK’ s ow n nat ur al r e sour ce s unde r p inne d b y a st r ong sup p ly ch ain. ^econdly, the UK oil and gas suƉƉly chain must Ĩocus on diǀersiĨying and deeƉening its interests in the UK ^ ǁhile collectiǀely groǁing its edžƉort Ɖotential to caƉture as much oĨ the gloďal energy marŬet as p ossib le . W or k is now ongoing t o t r y and se cur e a Se ct or D e al w h e r e b y indust r y and goǀernment ǁorŬ together to madžimise edžisting and realise neǁ oƉƉortunities in the UK oīshore oil and gas sector͘ The average Brent oil price was 30% higher over the first half of this year than the same period last year The average Brent oil price was 30% higher over the first half of the UK’s energy mix will still come from oil and gas by 2035 The average NBP day-ahead gas price was 300,000 jobs in the UK 2 / 3 40% higher
2
40%
3
higher
sets out aspirations for the industry over the first half of 2017 than the same period last year
4
5 6 7 8 5
By the end of 2018 over The industry could deliver hundreds of billions of pounds in additional revenue to the UK by 2035 The cost of industry trade could increase by as much as per annum if the UK reverts to World Trade Krganinjation rules £500 million of total production will come from start-ups post-2016 1 / 3 hnit operating cost improvements have been greater in the UK than any other basin since 2014 Vision 2035 will require an integrated policy approach between industry and government
sets out aspirations for the industry over the first half of 2017 than the same period last year
of this year than the same period last year
9
By the end of 2018 over The industry could deliver hundreds of billions of pounds in additional revenue to the UK by 2035
10 oilandg
1 / 3
11
sets out aspirations for the industry
of total production will come from start-ups post-2016
3 3 3 3
hnit operating cost
High profile
By the end of 2018
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