Economic Report 2020

Economic Report 2020

Contents

Foreword

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Report at a glance 6 The changing economic and energy environment 8 The UK and global economy – a year of rapid change 8 Global energy demand 10 UK energy dynamic 12 Achieving net zero UK – challenges and opportunities 14 Investing in our energy future 15 The evolving role of the oil and gas industry 19 Oil market dynamics 19 Gas market dynamics 22 The oil and gas industry’s role in supporting UK energy security 25 Maintaining investment in the UK’s the oil and gas industry 26 The industry’s macro-economic contribution 32

Embracing new opportunities – the new energy landscape

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Leading energy transition: a UK supply chain perspective

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Providing cleaner energy – addressing oil and gas industry production emissions

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Helping to lower the emissions of the wider economy Setting the framework for success

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