Oil and Gas UK, the leading representative body for the UK offshore oil and gas industry, has released new figures declaring that the oil and gas industry is the UK's largest industrial investor, providing hundreds of thousands of skilled jobs, exports, and tax revenues for Great Britain.
In 2012, there was a record investment of £11.4 billion in new production, and the predictions are for this to rise to over £13 billion in 2013. Capital investment stands at just under £100 billion for oil and gas production companies in their business plans.
Thanks to the industry supply chain’s expertise making a significant and increasing economic contribution, the number of jobs in the industry in the UK has been boosted to 440,000 in total.
The offshore oil and gas sector plays a crucial role in exploiting the potential of the region's hydrocarbon resource bringing benefits to the UK's economy, as well as developing the technical expertise which is in high demand globally
Patrick Phelan, managing director of Aquaterra Energy, said: “Our industry is really thriving in the UK and we expect this to continue with new projects coming in from conceptual design and engineering analysis to construction and installation.
With offices in Aberdeen, Norwich and Cambridge we are well placed to take advantage of the opportunities that the buoyant UK industry offers. Our highly skilled design, engineering and project teams are continually exploring new innovations to make rig operations quicker, safer and more cost effective for our customers in the UK and globally.”