Oil & GAS UK

Oil & Gas UK has published an Overview and Priorities document that outlines our role, new structure and key priorities.

OEUK’s Emissions Report 2023

The emissions performance of the UK offshore oil and gas industry.
The UK offshore oil and gas industry has reduced production emissions by 24% compared to 2018, and we estimate that emissions from production in the UK fell to the equivalent of 14.28 million tonnes of CO2 in 2022. This compares with the 2018 figure of 18.9 million tonnes. The sector has also halved flaring and venting and cut methane emissions by 45% compared to 2018, demonstrating a continuous commitment to decarbonisation. The reductions are in line with the sector’s targets under the North Sea Transition Deal, in which the industry committed to reduce emissions 10% by 2025, 25% by 2027, and 50% by 2030. So far, most of the reductions have been made through operational improvements, process optimisation and the decommissioning of older assets.

Business Outlook 2020

Brent averaged $64.3 per barrel (bbl) last year and has seen a general downward trend since late 2019. Falling global demand as a result of the continued spread of Coronavirus (COVID-19) had lowered prices to around $50/bbl in late February. This marked decline in demand was then compounded by a significant increase in supply as constraints within OPEC+ countries were removed — leading Saudi Arabia and Russia, amongst others, to increase output. This ‘perfect storm’ in the market resulted in prices falling below $30/bbl on 16 March, a fall of over 55 per cent since the beginning of 2020 and the lowest price since early 2016.

Oil & Gas UK’s Business Outlook 2020

Business Outlook 2018

Oil & Gas UK’s Business Outlook 2018 reflects on the sector’s past performance and assesses its future prospects. The information that forms the basis of this report is provided by our members from across the industry, uniquely positioning us to set out the business outlook for the whole sector.

Business Outlook 2017

Oil & Gas UK’s Business Outlook 2017 reflects on the sector’s past performance and assesses its future prospects. The information that forms the basis of this report is provided by our members from across the industry, uniquely positioning us to set out the business outlook for the whole sector.

Economic Report 2016

Report highlights improved competitiveness of UK oil and gas industry but fresh investment is now vital

September 27, 2016

  • Industry efficiencies are driving a 45% drop in the cost of extracting a barrel of oil or gas from the UKCS
  • Production up by 10.4% in 2015, the first increase in 15 years
  • Major challenges remain, with record low exploration and a lack of capital investment