With supportive policy, capital investment in domestic offshore energy sectors, including oil and gas, offshore wind, hydrogen, and carbon capture and storage technology, could increase by over 50% from around £13 billion last year to over £20 billion in the early 2030s.
The Economy & People 2024 report from Offshore Energies UK highlights the sector’s pivotal role in the nation’s economic future, emphasising the need for supportive government policies following the upcoming elections.
It is estimated that the oil and gas sector contributes approximately 1% (£25 billion) to the UK economy and supports 1 in every 160 jobs.
Over the past 50 years, oil and gas production has generated £450 billion in production taxes, including an estimated £15 billion in the last two years according to the Budget Office of Responsibility.
David Whitehouse OEUK Chief Executive Officer said: “Our report shows that the offshore industry could invest £450 billion in UK energy by 2040.
“The path to success is a homegrown energy transition that puts people at the heart of it, builds on our industrial strengths and drives collaboration across sectors.”
Copyright © 2024 Energy Live News LtdELN