Industry service firm EY will carry out a research into the contribution of the oil and gas supply chain to UK economy – currently estimated at £27billion.
The study, commisioned by the industry body Oil & Gas UK, will investigate data from over 1000 companies across 42 sub-sectors, looking at factors such as skills and exports.
The results will be combined in three market intelligence reports on the most profitable sub-sectors for UK companies which are due to be published in March 2014.
“The UK’s oil and gas supply chain is highly robust with the potential to contribute significantly to economic growth over the coming decades,” said Business and Energy Minister, Michael Fallon.
“Gaining even further insight into its strengths and capabilities will only help to support the ongoing work of our joint oil and gas industrial strategy to create new jobs, encourage investment and increase exports.”
Stephen Marcos Jones, Oil & Gas UK’s business development director, said the body is committed to work in the interest of the supply chain companies, who currently make up 80% of its membership.
“We have a world-leading global supply chain based here in the UK which we believe contributes £5 – 6 billion every year to the Exchequer and exports £7 billion worth of goods and services and it is important we continue to make the UK an attractive place for these companies to stay,” he said.
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