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Oil & Gas UK’s 2013 Economic Report, published today (21 August), highlights how the renewed commitment from the Government and industry to extract oil and gas from the UK’s Continental Shelf (UKCS) is succeeding in promoting investment to an all-time record of £13.5 billion this year.

Oil & Gas UK’s chief executive, Malcolm Webb, explains: “The offshore oil and gas industry generates almost £40 billion a year for the economy by producing oil and gas worth £32 billion and by exporting oilfield technology and expertise worth £7 billion. The recent sharpening of focus within Government and industry on the business environment required to grow that contribution in future has given investors the confidence to develop new fields and redevelop older fields, so we are now seeing the highest-ever investment. This is heightening the business opportunities for the UK’s world-renowned supply chain and is boosting employment to 450,000 jobs across Britain.”