Neptune Energy provided an estimated $438m gross value added contributions to UK gross domestic product and supported 2,800 jobs last year.
A study by Oxford Economics, a leader in economic impact analysis, quantified the direct impact Neptune has through its gas-weighted operations and the indirect impact generated through its supply chain, as well as induced impact due to spending by Neptune staff and suppliers’ staff within their local economies.
For every Neptune employee in the UK, around 16 jobs were supported elsewhere in the domestic economy, primarily due to Neptune’s spend on capital goods and services in relation to its operated gas production platform, Cygnus, in the Southern North Sea which supplies approximately 6% of UK domestic gas demand. For every $1 GVA directly generated by Neptune, another $1.5 was also supported elsewhere in the UK economy.
The research found the geographically-diverse Neptune group supported an estimated total of $2.8bn GVA contribution to the GDP of European countries through its low-cost, long-life operations in the UK, Germany, Netherlands and Norway, and supported 11,500 jobs.
Alexandra Thomas, UK managing director of Neptune Energy, said: “This study demonstrates the important economic contribution the oil and gas sector makes in the UK that goes far beyond its core function of producing and supplying energy.
“As we set out in our Environment, Social and Governance (ESG) strategy last week, the business is committed to making a positive contribution to society’s energy needs and to being at the forefront of the energy transition.”