The Crude Petroleum and Natural Gas Extraction industry ramped up investment early in the five years through 2015-16 in order to soften the blow of declining output. UK oil and gas production has declined since its peak in the late 1990s as existing fields have matured and it has become even more challenging to develop new commercially viable sources. Operators have been able to ride out the uncertainty by forming partnerships to pool their resources and make their extraction more efficient. Price fluctuations have also affected industry revenue and were responsible for the sharp revenue fall in 2014-15.
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.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.