Economic analysis shows Neptune Energy supported almost 10,000 jobs across Europe in 2021

North Sea firm Neptune Energy has set out the “significant” impact its operations have on economics across Europe.

Announced as part of its annual report and accounts, the company contributed “record levels” of support for economies last year, with gross value added (GVA) of around £2.5 billion.

It also supported more than 9,700 jobs across Europe, including dozens in Aberdeen where Neptune has a North Sea base.

Carried out by Oxford Economics, the analysis confirmed the company’s overall European economic impact increased significantly in 2021.

In 2020 GVA stood at just £1.6bn, with the rise to £2.5bn being attributed to higher taxes off the back of increased earnings.

Since its inception, private-equity backed Neptune has invested more than £4.5bn in development, exploration and acquisitions.

Pete Jones, the company’s chief executive, said: “The research demonstrates the important contribution Neptune makes to the communities where we operate, not only directly but also throughout the supply chain with more than $1bn spend in 2021, supporting the post-pandemic recovery of local and national economies.”

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In the UK, Neptune contributed £387 million to gross domestic product (GDP) in 2021 and supported 4,020 jobs.

For every Neptune employee in the UK, around 18 jobs were supported elsewhere in the domestic economy, according to analysis.

Norway received more than treble the figure paid to the UK, with Neptune contributing £1.28bn to the Scandinavian country’s GDP.

That is equivalent to 0.35% of Norway’s total GDP, where the company also supported 1,581 jobs.

In the Netherlands, Neptune contributed £466m to GDP, while in Germany that figure stood £405m

For the first time, analysis was also carried out on Neptune’s economic impact in Indonesia where the company’s activities supported more than 13,640 jobs and contributed £362m GVA.

Mr Jones said: “Our significant Northwest European gas and oil production is an important contributor to Europe’s energy security while in Indonesia we’re working with our partners to produce LNG for export to the region and gas for the domestic market. We will continue to work with the respective governments as well as with our partners and suppliers, to contribute to meeting society’s energy needs and supporting economic growth.”

Neptune shared its full year results for 2021 last week in which it reported pre-tax profits of £1.1bn.

It also hailed a “strong operating environment” last year that helped to boost revenue to £1.9bn.