Economic Report 2017

eliǀering in these areas to achieǀe sision 20ϯϱ ǁill reƋuire an integrated Ɖolicy aƉƉroach͘ It must unite D Z UK, industry͛s driǀe to madžimise recoǀery Ĩrom the UK ^, ǁith the UK Goǀernment͛s Industrial ^trategy, ǁhich seeŬs t o m ake t h e m ost of t h e op p or t unit ie s p r e se nt e d t o t h e UK’ s w or ld- class sup p ly ch ain.

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Figure 20: Driving the Vision

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Industrial Strategy

MER UK

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“Sustaining a relevant and successful industry at the heart of the UK’s economy”

“A global energy industry, anchored in the UK, powering the nation and exporting to the world”

“A significant producer in 2035”

Increasing the prize by half over the next 20 years

Expand the range and market coverage, double exports

Realise the full hydrocarbon potential of the UKCS

It is v it al for t h e fut ur e of t h e oil and gas indust r y t h at t h e gov e r nm e nt p lay s an act iv e r ole in sup p or t ing t h e act ion ďeing taŬen ďy industry to saĨeguard its Ĩuture͘ In :anuary 2017, the UK Goǀernment released an Industrial Strategy Green Paper 17 w it h an e x p licit aim “ t o im p r ov e liv ing st andar ds and e conom ic gr ow t h b y incr e asing p r oduct iv it y and driǀing groǁth across the ǁhole country͘͟ Goǀernment inǀited resƉonses Ĩrom industry and, aĨter edžtensiǀe consultation ǁith memďers, associations and other trade ďodies, Oil & Gas UK suďmitted a resƉonse to the Ɖuďlic consult at ion in A p r il 2017 . T h e r e sp onse out line s t h e v it al e conom ic cont r ib ut ion t h at t h e oil and gas indust r y cont inue s t o m ake t o t h e UK economy and its security oĨ energy suƉƉly, as ǁell as setting out sision 20ϯϱ and the signiĨicant oƉƉortunity t h at could b e r e alise d if t h is se ct or is include d as a ke y e le m e nt of t h e Indust r ial St r at e gy . P ar t of Oil & Gas UK’ s suďmission ƉroƉoses that the Industrial ^trategy should incorƉorate sƉeciĨic recommendations, in alignment ǁith D Z UK͘ Oil & Gas UK has also suďmitted a resƉonse to the ^cottish GoǀernmentΖs nergy ^trategy consultation͘ It is im p or t ant t h at b ot h gov e r nm e nt s w or k t oge t h e r t o e nsur e t h e ir p olicie s ar e com p le m e nt ar y .

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