Offshore Energy Sector Forecasts 50% Job Growth by 2030

Posted on 20 June 2024

​The UK's domestic offshore energy sectors stand on the brink of a transformative surge in capital investment, poised to grow by over 50% with the right supportive policies. This potential growth, detailed in the Economy & People 2024 report from Offshore Energies UK (OEUK), could see investments increase from approximately £13 billion last year to more than £20 billion by the early 2030s. Highlighting the sector's significant contribution to the national economy, the report stresses the pivotal role of government support, especially in light of the upcoming elections.

The Economy & People 2024 report from Offshore Energies UK underscores the sector’s crucial role in the nation’s economic future, stressing the importance of supportive government policies following the upcoming elections.

The oil and gas sector is estimated to contribute about 1% (£25 billion) to the UK economy, supporting 1 in every 160 jobs.

Over the past five decades, oil and gas production has generated £450 billion in production taxes, including an estimated £15 billion in the last two years, according to the Budget Office of Responsibility.

David Whitehouse, OEUK Chief Executive Officer, stated, “Our report shows that the offshore industry could invest £450 billion in UK energy by 2040. The path to success is a homegrown energy transition that puts people at the heart of it, builds on our industrial strengths, and drives collaboration across sectors.”

Share this article