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Crude Petroleum & Natural Gas Extraction in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Crude Petroleum & Natural Gas Extraction Market Research Report | SIC B06.000 | Dec 2016

Fractured prospects: Fracking has the potential to reinvigorate an industry that is in decline

IBISWorld’s Crude Petroleum & Natural Gas Extraction market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
BP plc BP plc market share
ConocoPhillips UK Limited ConocoPhillips UK Limited market share
Nexen Petroleum UK Limited Nexen Petroleum UK Limited market share
Industry Statistics & Market Size
Revenue
£26bn
Annual Growth 12-17
-10.8%
Annual Growth 17-22
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Profit
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Employment
27,494
Businesses
149
Industry Analysis & Industry Trends

UK oil and gas production has declined since its peak in the late 1990s as existing fields have matured and it has become increasingly challenging to develop new commercially viable sources. Operators have been able to endure this instability by forming partnerships to pool their resources and make their extraction more efficient. The industry ramped up investment early in the five years through 2016-17 in an effort to soften the blow of declining output. However, price fluctuations have negatively affected industry revenue and have been responsible for the sharp fall in revenue since 2013-14.

Shale gas, which is extracted through the controversial practice of hydraulic fracturing (fracking), has emerged as a potential lifeline for the industry. A... purchase to read more

Industry Report - Industry SWOT Analysis Chapter

The Crude Petroleum and Natural Gas Extraction industry is in decline. It uses well-established technology and its product is not new. Although it has benefited from surging prices at periods, production volumes at existing fields are falling. Most of the major oil and gas fields in the United Kingdom were discovered many years ago and are in decline. Although firms are attempting to extract the remaining resources, this output typically comes at a higher cost. The commercial viability of new wells is even tougher to identify, and yields on investment in new fields are lower than previous developments. As UK oilfields mature, the industry has shifted its focus from discovering new reserves to increasing the productivity of existing and smaller, less lucrative fields. The.. purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Crude Petroleum & Natural Gas Extraction Industry?

Firms in this industry extract crude oil and natural gas from onshore and offshore fields. The industry also includes the extraction of oil from oil shale and oil sands, as well as covering all activities relating to developing extraction sites and extracting oil and gas. The industry excludes test drilling, oil and gas services performed on a contract basis, surveying, the manufacture of industrial gases and the operation of pipelines.

Industry Products
Offshore crude oilOnshore crude oilOffshore natural gasOnshore natural gas
 
Industry Activities
Extracting crude oilExtracting natural gasExtracting condensatesDraining and separating liquid hydrocarbon fractionsDesulphurising gas


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