The Economy & People Report 2024 by Offshore Energies UK (OEUK) provides essential insights into the UK’s offshore energy sector, highlighting its significant economic impact and the importance of a homegrown energy transition.
The report details that with supportive policy, capital investment in offshore energy could rise by over 50%, from £13 billion last year to more than £20 billion by the early 2030s. This investment is crucial for achieving the UK’s net zero goals and securing energy supply.
Key statistics from the report include the potential for job growth, with offshore energy sector employment estimated to increase by nearly 50% to 225,000 jobs by 2030. Currently, the sector supports over 150,000 jobs directly or indirectly, with almost 80% of these in oil and gas. Additionally, the oil and gas industry alone contributes approximately £25 billion to the UK economy, supporting 1 in every 160 jobs nationwide, and around 1 in 30 jobs in Scotland. The sector has also paid £450 billion in production taxes over the past 50 years.
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