Crude Petroleum & Natural Gas Extraction in the UK - Industry Market Research Report

Slick growth: Soaring oil and gas prices are causing revenue to skyrocket in 2022-23

UK oil and gas production has diminished over the past decade because old oil fields have matured and it has become increasingly challenging to develop new commercially viable sources. Extractors have pooled their resources and formed partnerships, enhancing efficiency. Some extractors have benefited from previous investments in fields coming onstream. Revenue has swelled at an expected compound annual rate of 4. 4% to £28. 9 billion over the five years through 2022-23. This includes a projected growth of 32. 1% in 2022-23. Firms in this industry extract crude oil and natural gas from onshore and offshore fields.

The industry also includes the extraction of oil from oil shale and oil sands, as well as covering all activities relating to developing extraction sites and extracting oil and gas. The industry excludes test drilling, oil and gas services performed on a contract basis, surveying, the manufacture of industrial gases and the operation of pipelines. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.