United Kingdom Oil and Gas Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The United Kingdom oil and gas market is expected to register a CAGR of around 7.5% during the forecast period. The COVID-19 pandemic significantly affected all the services associated with the country’s oil and gas industry. The primary energy consumption fell by 11% in 2020, which directly impacted the production and prices of crude oil and natural gas globally. The demand for fuels also declined due to industrial and transport suspensions. Thus, in 2020, the overall investment in the United Kingdom-based energy industries was 23%, down from 2019 figures. The government's commitment to increasing the indigenous production of energy commodities and the strong participation of private players may drive the market in the future. However, the global inclination toward net-zero emissions goals can constrain the market in the coming years.
Key HighlightsThe United Kingdom oil and gas market is fragmented. Some of the key players in the market include Shell PLC, BP PLC, TotalEnergies SE, Chevron Corporation, and Cadent Gas Ltd.
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