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3

Contents

1. Foreword 4 2. Industry at a Glance 6 3. Economic Contribution 8 3.1

T

h

e

UK E ne

r

gy M ix 9 3.2

T

h

e

R ole for Oil and Gas in t

h

e

L

o

w

e

r

-

C

ar

b

on E conom

y

12 3.3

T

ot al

E

m

p

lo

y

m

e

nt 15 3.4

R

e

gional

C

e

nt

r

e

s of

E

x

ce lle nce 1

7

4. The Business Environment 22 4.1 Oil and Gas M ar ke

t

s 23 4.2 Im

p

act of Br

e

x

i

t

27 5. Creating a Long-Term Future 33

5

.1

V

ision 2035 34

5

.2

D

e

liv

e

r

ing

t

h

e

V ision 3

5

6. UK Continental Shelf Performance and Opportunity 39

6

.1 Ke

y

P

e

r

fo

r

m

ance Indicat or s 40

6

.2 Glob al C o

m

p

e

t

it iv

e

ne ss 45

6

.3

T

h

e

E fficie ncy T ask F or ce

5

1

6

.4

F

iscal P olicy

5

5

6

.5

M

e

r

g

e

r

s and A cq uisit ions

5

8

6

.6 In

v

e

st or C ase St udie s

6

0

E

C ONOM IC R

E

P OR

T

2

0

1

7