Economic Report 2021 - OGUK

ECONOMIC REPORT 2021

Figure 12: UKCS Committed and Non-Committed Investment

Figure 11: UKCS Production and Demand

Potential Production from Projects Under Consideration Production from Committed Projects CCC Balanced Pathway Oil & Gas Demand

6

1,200

Committed Investment Investment Under Consideration

5

1,000

4

800

3

600

2

400

Capital Investment (£ Billion - 2020 Money)

1

200

0

0

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Annual Oil and Gas Production and Demand (Million boe)

2021

2022

2023

2024

2025

Source:OGUK,OGA,CCC

Source:OGA, OGUK ,CCC

Progression of these investments provides the opportunity to maintain the proportion of domestic oil and gas demand met by domestic resources. A loss of investment would result in the UK becoming increasingly reliant on international sources of oil and gas, without having any impact on levels of consumption.

The UK must continue to offer a robust economic proposition to attract and retain both investors and companies, as many will make an important net zero contribution whilst helping to ensure stability of supply throughout the transition.

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