New research by OGUK, the leading representative body for the UK’s offshore oil and gas industry, has revealed that the oil and gas industry contributes £132mn Gross Value Added (GVA) to South Wales, providing jobs for around 2,600 people across the region.
These latest figures reinforce the importance of achieving a just transition for the communities across the UK where the oil and gas industry plays an important role to the local economy. South Wales has a rich industrial heritage and is now fast becoming a global leader in pioneering the new, clean technologies that will help the country reduce its carbon emissions.
Following the publication of these new figures, Jenny Stanning, OGUK’s External Relations Director, said:
“This latest report highlights the important role that the oil and gas industry plays in South Wales. As the industry and energy landscape changes, places that have an entrenched history in the energy industry can use their skills and experience to position themselves as key players in the transition – bringing economic and employment opportunities to the region.”
OGUK member company Costain, a smart infrastructure solutions company, is already driving a low carbon project in the region to reduce emissions and support the local economy. Costain is leading the deployment project for the South Wales Industrial Cluster (SWIC) programme, which is supported by a range of partner organisations across industry, academia and the public and private sectors. The deployment project is working to develop programmes that can help decarbonise industry in South Wales and support the green industrial revolution. The project aims to increase energy efficiency and explore opportunities for Carbon Capture, Usage and Storage (CCUS)and low carbon power generation.
Dave Jukes, programme development director for Costain, commented:
“The energy transition offers great opportunities for industrial regions like South Wales. These figures from OGUK show the existing importance of the industry to our region, and the SWIC programme, which will develop the infrastructure to decarbonise and deliver a net zero energy system across the region by 2040, will create new, clean jobs and secure sustainable growth for future generations in South Wales.”
The research, conducted by Experian, found that within the UK as a whole, the oil and gas industry contributes £31 billion GVA, supporting almost 200,000 jobs across the country.
Find out more about the oil and gas industry’s commitment and contribution at www.oilandgasuk.co.uk/positiveenergy