Economic Report 2022 - OEUK

ECONOMIC REPORT 2022

Contents

Summary information

4

Foreword

6

International energy market dynamics

10

Why are gas prices so high and volatile, and where are they heading? Why are oil prices high, and where are they heading? What do the gas market conditions mean for the UK economy? The offshore energy sector – energising the UK, now and in the future 24 Supporting the UK today 25 Supporting the UK in the future 27 Realising the UK’s remaining oil and gas potential 31 Expanding the UK’s offshore wind capacity 39 12 18 20

Developing low-carbon hydrogen and carbon capture and storage capacity

43

ECONOMI C REPORT 2022

3