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United Kingdom Oil and Gas Market Size, Share, Trends: By Sector: Upstream, Midstream, Downstream; By Extraction: On-Shore, Off-Shore; By End Use: Transport, Industrial Energy Use, Household Energy Use, Others; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
United Kingdom Oil and Gas Market Outlook
The United Kingdom downstream oil and gas market size was approximately USD 136.27 billion in 2023.
Key Takeaways
- According to the Climate Change Committee, oil and gas will meet 50% of the UK’s energy needs in the mid-2030s.
- Domestic gas demand is significantly met by gas produced from the UK waters. For instance, in 2022, domestic gas production met 44% of the country’s requirements.
- Currently, 40% of the UK's electricity is generated by gas-fired power stations.
The downstream oil sector is one of the major contributors to the United Kingdom’s GDP. With a combined capacity of 58 million tonnes (MT) annually, the six largest refineries in the UK, including Stanlow refinery, Prax Lindsey Oil refinery, Pembroke refinery, Fawley, Grangemouth refinery and Humber refinery, exported more than 21 MT in 2022.
Natural gas is an increasingly popular option for electricity generation in Europe due to increased availability and the advantage of releasing lower amounts of CO2 compared to coal. Natural gas is also widely used for heating and cooking and in the production of key chemicals for fertilisers and plastics, which contributes to the United Kingdom oil and gas market expansion.
According to estimates, fossil fuels, which include coal, oil, and gas, accounted for 78.4% of the primary energy consumed in the United Kingdom in 2022, with oil and gas accounting for 39.3% and 36.0%, respectively.
In 2022, roughly one-fifth (20.7%) of the primary energy consumed in the UK came from "low-carbon" sources.
Figure: Energy Consumption by Fuel Type (in %) in the UK, 2022
Figure: Selected Government Bodies Impacting the Oil and Gas Sector
| Governmental Body | Founded (Year) | Responsibilities |
| Health and Safety Executive (HSE) | 1975 | Health and safety standards |
| Environment Agency (EA) | 1996 | Sustainability promotion |
| Mineral Planning Authorities (MPA) | 1981 | Minerals extraction planning |
| Maritime and Coastguard Agency (MCA) | 1998 | Compliance with maritime rules |
Key Trends and Developments
Domestic production of natural gas; technological advancements; the rising importance of LNG; and offshore drilling practices are the major factors impacting the United Kingdom oil and gas market growth
Mar 13, 2024
British Gas secured a GBP 200 million contract from the Welsh Government to aid low-income households through its Warm Homes scheme.
Feb 29, 2024
Energean plc successfully initiated gas production at Karish North and activated a second gas export riser, maximising the FPSO’s gas capacity. The Energean Power FPSO now has four production wells in operation.
Feb 7, 2024
Centrica Energy and Repsol finalised a deal to bolster the UK's energy security by purchasing 1 million tonnes of LNG shipments between 2025 and 2027, all to be delivered to the Grain LNG import terminal in Kent.
Jan 17, 2024
Shell U.K. Limited made a final investment decision (FID) on the Victory gas projectin the UK North Sea, aimed at sustaining domestic gas supply for homes, businesses, and power generation.
Domestically produced natural gas is expected to help UK reduce its dependence on imports
In 2022, domestically produced gas met 44% of the UK’s needs. By maximising domestic supplies of oil and gas, the country can reduce its dependence on costlier and higher carbon footprint imports and increase its energy security.
Adoption of advanced technology in the oil and gas sector is enhancing its production
The adoption of technologies, such as increased oil recovery (IOR), enhanced oil recovery (EOR), seismic surveys, remotely operated vehicle (ROV), and directional drilling are enhancing the UK’s oil and gas output.
The growing importance of LNG in the United Kingdom oil and gas market
Due to the UK's limited seasonal gas storage capacity, LNG has proved to be a crucial source of energy to satisfy the country’s peak demand. The UK is the second-biggest LNG hub in Europe, with three LNG terminals that have 48 bcm of annual combined regasification capacity. The UK’s significant regasification infrastructure, has enabled it to increase natural gas exports to Europe, while meeting its domestic gas demand for power generation and heating.
Prevalence of offshore drilling practices
UK has nearly 300 offshore oil field projects, as compared to 120 onshore projects.
United Kingdom Oil and Gas Market Trends
The oil and gas sector adds around USD 21.2 billion annually to the economy. The government of the UK is increasingly focusing on developing its oil and gas sector to ensure its energy security and economic growth. More than 50% of the oil and gas fields in the North Sea would have ended production by 2030. As a result, in November 2023, the government confirmed its plans to grant new North Sea oil and gas licenses at the opening of parliament every year.
Household heating is the UK’s second-largest application of energy and the largest consumer of gas. Around 85% of homes in the country are heated by gas.
Market Segmentation
“United Kingdom Oil and Gas Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Sector
- Upstream
- Midstream
- Downstream
The United Kingdom downstream oil and gas market has been segmented into the following:
- Downstream Oil
- Market Breakup by End Use
- Transport
- Agriculture, and Public and Commercial Services
- Industrial Energy Use
- Household Energy Use
- Market Breakup by End Use
- Downstream Gas
- Market Breakup by End Use
- Transport
- Agriculture, and Public and Commercial Services
- Industrial Energy Use
- Household Energy Use
- Market Breakup by End Use
The United Kingdom upstream oil market has been segmented into:
Market Breakup by Extraction
- On-Shore
- Off-Shore
The transport sector leads the downstream oil market, based on end use, contributing to the United Kingdom oil and gas market share
The transport segment dominates the downstream oil market by end use. A major share of the UK’s energy for transport comes from petroleum products. Petrol is widely used in cars, motorcycles, etc. while diesel finds use in buses, trucks, and marine vessels. In 2022, road transport witnessed a growth of 3%, and air travel energy consumption doubled, marking a significant demand for oil. The transport segment was followed by agriculture and public and commercial services.
Within the United Kingdom oil and gas market, offshore extraction accounts for a significant share of the upstream oil sector
In the United Kingdom, most of the petroleum is from offshore fields.
In the UK, the construction and operation of offshore infrastructure is majorly governed by the Petroleum Act.
Some of the onshore gas sites in the UK are Saltfleetby and Whisby in Lincolnshire and Wytch Farm in Dorset. Reportedly, new onshore oil and gas developments are planned at 15 locations in England. At Lindsey site in West Sussex, the oil production has been granted permission for 10 years, while in Brockham in Surrey, the permission for oil production is for 15 more years.
Competitive Landscape
The companies in the United Kingdom oil and gas market are deploying innovative technologies in the production and exploration activities and attracting highly skilled talent to ensure smooth operations.
BP Plc.
BP Plc. is an integrated energy company headquartered in the United Kingdom. The company is taking several initiatives to lower carbon emissions, by reimagining energy for people. BP's well-known brands include Castrol, Aral, BP Pulse, Amoco, BP Connect, Thorntons, Wild Bean Cafe, and AirBP.
Shell plc
Founded in 1907, Shell is a multinational energy corporation with expertise in the exploration, production, refining and marketing of oil and natural gas, and the manufacturing of chemicals.
TotalEnergies SE
A publicly listed company headquartered in France, TotalEnergies is a prominent multinational energy corporation that offers a wide spectrum of energy resources such as oil, biofuels, natural gas, renewables, and electricity.
Chevron Corporation
Headquartered in the United States, Chevron Corporation also known as Chevron is one of the leading integrated energy companies globally. The company provides accessible, dependable, and increasingly eco-friendly energy solutions for a prosperous and sustainable future.
Other notable players operating in the United Kingdom oil and gas market are Energean PLC, Exxon Mobil Corporation, ConocoPhillips Company, Centrica plc, Harbour Energy, EnQuest Plc, and Dana Petroleum Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Sector |
|
| Breakup by Extraction |
|
| Breakup by End Use |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Europe Oil and Gas Market Overview
8.1 Key Industry Highlights
8.2 Europe Downstream Oil and Gas Historical Market (2018-2023)
8.3 Europe Downstream Oil and Gas Market Forecast (2024-2032)
8.4 Europe Oil and Gas Market by Type
8.4.1 Downstream Oil
8.4.2 Downstream Gas
8.5 Europe Oil and Gas Market by Country
8.5.1 United Kingdom
8.5.2 Germany
8.5.3 France
8.5.4 Italy
8.5.5 Others
9 United Kingdom Oil and Gas Market Overview
9.1 Upstream
9.2 Midstream
9.3 Downstream
10 United Kingdom Upstream Oil Market Analysis
10.1 United Kingdom Upstream Oil Historical Market (2018-2023)
10.2 United Kingdom Upstream Oil Market Forecast (2024-2032)
10.3 United Kingdom Upstream Oil Market by Extraction
10.3.1 On-Shore
10.3.1.1 Historical Trend (2018-2023)
10.3.1.2 Forecast Trend (2024-2032)
10.3.2 Off-Shore
10.3.2.1 Historical Trend (2018-2023)
10.3.2.2 Forecast Trend (2024-2032)
11 United Kingdom Midstream Oil and Gas Market Analysis
11.1 United Kingdom Midstream Oil and Gas Historical Market (2018-2023)
11.2 United Kingdom Midstream Oil and Gas Market Forecast (2024-2032)
12 United Kingdom Downstream Oil and Gas Market Analysis
12.1 United Kingdom Downstream Oil and Gas Historical Market (2018-2023)
12.2 United Kingdom Downstream Oil and Gas Market Forecast (2024-2032)
12.3 United Kingdom Downstream Oil and Gas Market by Type
12.3.1 Downstream Oil
12.3.1.1 Historical Trend (2018-2023)
12.3.1.2 Forecast Trend (2024-2032)
12.3.1.3 Market by End Use
12.3.1.3.1 Transportation
12.3.1.3.1.1 Historical Trend (2018-2023)
12.3.1.3.1.2 Forecast Trend (2024-2032)
12.3.1.3.2 Agriculture, Public and Commercial Services
12.3.1.3.2.1 Historical Trend (2018-2023)
12.3.1.3.2.2 Forecast Trend (2024-2032)
12.3.1.3.3 Industrial Energy Use
12.3.1.3.3.1 Historical Trend (2018-2023)
12.3.1.3.3.2 Forecast Trend (2024-2032)
12.3.1.3.4 Household Energy Use
12.3.1.3.4.1 Historical Trend (2018-2023)
12.3.1.3.4.2 Forecast Trend (2024-2032)
12.3.2 Downstream Gas
12.3.2.1 Historical Trend (2018-2023)
12.3.2.2 Forecast Trend (2024-2032)
12.3.2.3 Market by End Use
12.3.2.3.1 Transportation
12.3.2.3.1.1 Historical Trend (2018-2023)
12.3.2.3.1.2 Forecast Trend (2024-2032)
12.3.2.3.2 Agriculture, Public and Commercial Services
12.3.2.3.2.1 Historical Trend (2018-2023)
12.3.2.3.2.2 Forecast Trend (2024-2032)
12.3.2.3.3 Industrial Energy Use
12.3.2.3.3.1 Historical Trend (2018-2023)
12.3.2.3.3.2 Forecast Trend (2024-2032)
12.3.2.3.4 Household Energy Use
12.3.2.3.4.1 Historical Trend (2018-2023)
12.3.2.3.4.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Trade Data Analysis (HS Code: 2710, 2711)
14.1 Major Exporting Countries
14.1.1 By Value
14.1.2 By Volume
14.2 Major Importing Countries
14.2.1 By Value
14.2.2 By Volume
15 Competitive Landscape
15.1 Market Structure
15.2 List of Key Refineries in Europe
15.3 List of Key Refineries in United Kingdom
15.4 Company Profiles
15.4.1 BP p.l.c.
15.4.1.1 Company Overview
15.4.1.2 Product Portfolio
15.4.1.3 Demographic Reach and Achievements
15.4.1.4 Certifications
15.4.2 Shell plc
15.4.2.1 Company Overview
15.4.2.2 Product Portfolio
15.4.2.3 Demographic Reach and Achievements
15.4.2.4 Certifications
15.4.3 TotalEnergies SE
15.4.3.1 Company Overview
15.4.3.2 Product Portfolio
15.4.3.3 Demographic Reach and Achievements
15.4.3.4 Certifications
15.4.4 Chevron Corporation
15.4.4.1 Company Overview
15.4.4.2 Product Portfolio
15.4.4.3 Demographic Reach and Achievements
15.4.4.4 Certifications
15.4.5 Energean PLC
15.4.5.1 Company Overview
15.4.5.2 Product Portfolio
15.4.5.3 Demographic Reach and Achievements
15.4.5.4 Certifications
15.4.6 Exxon Mobil Corporation
15.4.6.1 Company Overview
15.4.6.2 Product Portfolio
15.4.6.3 Demographic Reach and Achievements
15.4.6.4 Certifications
15.4.7 ConocoPhillips Company
15.4.7.1 Company Overview
15.4.7.2 Product Portfolio
15.4.7.3 Demographic Reach and Achievements
15.4.7.4 Certifications
15.4.8 Centrica plc
15.4.8.1 Company Overview
15.4.8.2 Product Portfolio
15.4.8.3 Demographic Reach and Achievements
15.4.8.4 Certifications
15.4.9 Harbour Energy
15.4.9.1 Company Overview
15.4.9.2 Product Portfolio
15.4.9.3 Demographic Reach and Achievements
15.4.9.4 Certifications
15.4.10 EnQuest Plc
15.4.10.1 Company Overview
15.4.10.2 Product Portfolio
15.4.10.3 Demographic Reach and Achievements
15.4.10.4 Certifications
15.4.11 Dana Petroleum Limited
15.4.11.1 Company Overview
15.4.11.2 Product Portfolio
15.4.11.3 Demographic Reach and Achievements
15.4.11.4 Certifications
15.4.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Oil and Gas Market: Key Industry Highlights, 2018 and 2032
2. Europe Oil and Gas Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Europe Oil and Gas Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Europe Oil and Gas Historical Market: Breakup by Type (MTOE), 2018-2023
5. Europe Oil and Gas Market Forecast: Breakup by Type (MTOE), 2024-2032
6. Europe Oil and Gas Historical Market: Breakup by Country (USD Billion), 2018-2023
7. Europe Oil and Gas Market Forecast: Breakup by Country (USD Billion), 2024-2032
8. United Kingdom Oil and Gas Market: Key Industry Highlights, 2018 and 2032
9. United Kingdom Upstream Oil Historical Market (USD Billion), 2018-2023
10. United Kingdom Upstream Oil Market Forecast (USD Billion), 2024-2032
11. United Kingdom Upstream Oil Historical Market (MTOE), 2018-2023
12. United Kingdom Upstream Oil Market Forecast (MTOE), 2024-2032
13. United Kingdom Upstream Oil Historical Market: Breakup by Extraction (USD Billion), 2018-2023
14. United Kingdom Upstream Oil Market Forecast: Breakup by Extraction (USD Billion), 2024-2032
15. United Kingdom Upstream Oil Historical Market: Breakup by Extraction (MTOE), 2018-2023
16. United Kingdom Upstream Oil Market Forecast: Breakup by Extraction (MTOE), 2024-2032
17. United Kingdom Midstream Oil and Gas Historical Market (USD Million), 2018-2023
18. United Kingdom Midstream Oil and Gas Market Forecast (USD Million), 2024-2032
19. United Kingdom Downstream Oil and Gas Historical Market (USD Million), 2018-2023
20. United Kingdom Downstream Oil and Gas Market Forecast (USD Million), 2024-2032
21. United Kingdom Downstream Oil Historical Market (USD Million), 2018-2023
22. United Kingdom Downstream Oil Market Forecast (USD Million), 2024-2032
23. United Kingdom Downstream Oil Historical Market (MTOE), 2018-2023
24. United Kingdom Downstream Oil Market Forecast (MTOE), 2024-2032
25. United Kingdom Downstream Oil Historical Market: Breakup by End Use (MTOE), 2018-2023
26. United Kingdom Downstream Oil Market Forecast: Breakup by End Use (MTOE), 2024-2032
27. United Kingdom Downstream Gas Historical Market (USD Million), 2018-2023
28. United Kingdom Downstream Gas Market Forecast (USD Million), 2024-2032
29. United Kingdom Downstream Gas Historical Market (BCM), 2018-2023
30. United Kingdom Downstream Gas Market Forecast (BCM), 2024-2032
31. United Kingdom Downstream Gas Historical Market: Breakup by End Use (BCM), 2018-2023
32. United Kingdom Downstream Gas Market Forecast: Breakup by End Use (BCM), 2024-2032
33. Major Exporting Countries by Value
34. Major Importing Countries by Value
35. Major Exporting Countries by Volume
36. Major Importing Countries by Volume
37. United Kingdom Oil and Gas Market Structure
Key Questions Answered in the Report
The United Kingdom downstream oil and gas market attained a value of USD 136.27 billion in 2023.
The key extraction methods include onshore and offshore.
The major sectors considered in the market report include upstream, midstream, and downstream.
The factors driving the market include rising electricity consumption, increasing energy requirements from the household sector, and the presence of significant number of offshore oil and gas sites.
The key end use sectors, as per the United Kingdom oil and gas market analysis, are transportation, agriculture, public and commercial services, industrial energy use, and household energy use.
The key players in the market include BP Plc., Shell plc, TotalEnergies SE, Chevron Corporation, Energean PLC, Exxon Mobil Corporation, ConocoPhillips Company, Centrica plc, Harbour Energy, EnQuest Plc, and Dana Petroleum Limited, among others.
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