The turnover in the UK oil and gas extraction industry experienced a significant decline, dropping from €41.15 billion in 2013 to €21.6 billion in 2023. This represents a cumulative annual growth rate (CAGR) of approximately -6.96% over the last five years. The sector saw substantial yearly decreases, particularly from 2014 to 2016, with a rebound in 2017 and 2018 before continuing its downward trend. The industry turnover is forecasted to continue declining, reaching €14.71 billion by 2028 with an average annual reduction of 6.1%.
Future trends to watch for:
- Technological advancements could change extraction costs and efficiency.
- Shifts in global energy policies toward renewable energy could further impact demand for fossil fuels.
- Economic recovery and geopolitical developments may influence oil and gas prices.
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