Economic Report 2018

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Behind all of this, of course, are the ingenuity and skills of our people, and the communities we work in. The long- standing importance of the industry in the UK’s economy is clear: it supports hundreds of thousands of skilled jobs across the UK; provides more than 60 per cent of our oil and gas needs; is a significant contributor to the balance of payments through export activity; and provides billions of pounds each year in taxes. Indeed, this sector will also play a leading role in transitioning to a lower-carbon economy. We can provide affordable secure energy for years to come which, through established and developing technologies, will help the UK meet national and international carbon reduction commitments. As this report shows, the steps we take now will ensure we remain competitive and successful for decades to come. Solid strides are being made and industry must remain steadfast on this road to ensure we can realise the ambition outlined in Vision 2035.

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Deirdre Michie, Chief Executive, Oil & Gas UK

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