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Oil and gas: grow your business in the UK
- global industry leader
- pioneering technologies
- growing opportunities across the industry
barrels of recoverable oil reserves remain
There are over 380 fields producing oil and gas in the UK today. That’s resulted in 43 billion barrels of oil being recovered from the UK Continental Shelf
With over 100 years’ experience, businesses can be sure that they’re entering a market widely acknowledged as a global leader. There are over 350,000 people in the industry, including 50,000 experts in subsea production.
We are well placed to investigate new technologies and innovations. The UK is now focusing on technically challenging methods of extraction and production, including:
- heavy oil
- high-pressure, high-temperature extraction
- enhanced oil recovery
- special materials for sealing systems
Onshore, the UK government is backing the safe development of shale gas because it’s good for jobs, energy security and the UK’s plans to decarbonise the economy.
According to a report published by Ernst & Young in 2014, investment in shale could reach £33 billion and support 64,000 jobs.
The British Geological Survey has identified areas with potentially large reserves of shale gas and oil. UK geology is promising, but we make no assumptions about production levels. We need exploration to determine the potential.
Our current priority is investment in new gas plants with new build, storage and distribution opportunities. Our switch from coal to gas will require storage and distribution network upgrades.
In 2015, the UK government introduced a 1.3 billion GBP package of tax measures for the oil and gas industry to ensure that the UK Continental Shelf remains an attractive destination for investment.
The government also committed 20 million GBP in funding for the second round of seismic surveys to support new exploration activity on the UK Continental Shelf. This will give companies a greater chance of discovering opportunities without having to fund the surveys themselves.
The government also has up to 50 billion GBP available to support finance and insurance for supplies from within the UK to buyers outside the UK. This support takes the form of guarantees, insurance and loans issued by its export credit agency, UK Export Finance.
We can help you grow your business in the UK
Whether you’ve already decided to grow your business here or you’re just starting your research, the UK government can help you make the right decision.
Research your industry
You should research your market to help you decide if the UK is the best place for your business. Contact our Investment Services Team to get market research and other expert help and advice.
Want to move your business to the UK?
You’ll need to follow several steps before moving to the UK, including applying for visas and finding the ideal location for your business. Read our UK setup guide.
The UK government can give you free help and support every step of the way. Contact us to find out more.