Oil & Gas report stresses petrochemical importance

The annual economic report underlines the contribution that the industry makes to the economy as a source of primary energy supply, jobs, investment, technology and tax revenues.

Malcolm Webb, Oil & Gas UK’s chief executive, said: ‘As the economy seeks to accelerate out of recession and refocus on manufacturing and technology, the oil and gas industry should be recognised as the important engine for growth that it is.

‘Even after more than 40 years of production, the industry has the potential for a great future, both in the continued development of the still substantial remaining offshore oil and gas resource and in the commercial activities of its supply chain.’

Production figures

According to Oil & Gas UK, domestic oil and gas production in 2009 was 2.4 million barrels of oil equivalent (boe) per day, or 900 million boe over the year. While this represented a 10 per cent production fall on 2008, it was influenced by a nine per cent reduction in UK gas demand.