1 min read

Offshore Energies UK (OEUK) recently published their Economic Report 2022

Offshore Energies UK (OEUK) recently published their Economic Report 2022

Offshore Energies UK (OEUK) recently published their Economic Report 2022. The report looks at both energy prices & the offshore energy sector's economic contribution and how this impacts on the UK's energy security and climate aims.

Energy Prices

  • The energy supply crisis has resulted in a volatile market and high prices.
  • Gas prices in 2022 have averaged at 200p/th which is 4 times higher than the average over the last 20 years.
  • Prices likely to rise further and winter 2022 prices are trading at over 700p/th.
  • Domestic bills have grown by 80% and are expected to rise further.

Economic Contribution

  • Oil and gas activity supports almost 214,00 jobs across the UK.
  • The oil and gas industry is estimated to support £28.4bn of gross value-added.
  • Almost £400bn have been paid in oil and gas production taxes since 1970.
  • £7.8bn additional tax estimated for 2022/23 and another £5bn potentially could be raised in the first year of the windfall tax.

Energy Security and Climate Aims

  • In 2021 UK oil and gas production met 56% of UK needs (38% of gas and 75% of oil)
  • UK's gas production increased by 27% in the first half of 2022.
  • UK offshore wind capacity has increased to 12GW (with plans to increase to 50GW by 2030).
  • UK aims to have 10GW of low-carbon hydrogen production and up to 30mn mt of CO2 stored per year by 2030.
  • Oil and gas production emissions are down 20% since 2018.
  • The offshore sector could potentially provide 60% of the UK's emission reduction needs.

 

Download Report

 

Economic Report Action Plan


Source: Offshore Energies UK

Global energy movers and shakers: Africa

1 min read

Global energy movers and shakers: Africa

Looking ahead to 2021 in our new offshore energy profiles Africa is home to some of the world’s most notable oil & gas producing countries, as well...

Read More
Speakers announced for inaugural Floating Energy Forum

2 min read

Speakers announced for inaugural Floating Energy Forum

It’s an exciting time for the offshore sector. Floating energy is a growing and competitive area of interest from right across industry. Archer...

Read More
World Forum Offshore Wind release '2022 Global Wind Report'

World Forum Offshore Wind release '2022 Global Wind Report'

World Forum Offshore Wind have published the Global Offshore Wind Report 2022. According to the report; 257 offshore wind farms are currently in...

Read More