British companies can be found in all aspects of the energy industry all over the world. A track record of more than 40 years of expertise in exploring and developing oil and gas as well as nuclear energy has created a wealth of experience that is now being used globally.
The UK energy sector has acquired the skills and knowledge to help overcome the future challenge of energy production. The amount of energy the world will need will grow by 55% between 2005 and 2030. The sector has a very rosy future but only if companies make the most of the opportunities out there.
The UK currently exports around £20 billion of goods and services each year. Domestic and international business currently generates more than £90 billion and employs around 600 000 people. But future exports and international prosperity could more than double this. By 2030 international demand is expected to help generate revenues of £200 billion and could employ 1 million people.
UK’s part in renewable energy
The success of the British energy sector is not just based on business abroad. Foreign companies know that innovation in the UK is second to none. In fact the UK is joint second as an inward investment destination for renewable energy. In just a few short years the UK has transformed itself to a prime centre for renewable energy. The London Array project, with a capacity of over 1 GW, will be the largest offshore wind project in the world.
The government, in co-operation with industry, has set-up the Energy Technology Institute, to develop new low-carbon fuels. Funding from energy companies will be matched by the government to create a £1 billion research fund.
Research and development
In fact research and development is already one of the strengths of the industry. More than £15 billion has been raised for project and company investment in renewable energy. The UK’s oil and gas sector has almost unique capabilities in subsea exploration and extraction. The ITF – the Industry Technology Facilitator – has delivered over 120 revolutionary oilfield projects to the market. Their innovations work across the whole spectrum of energy such as seismic resolution, cost-effective drilling and decommissioning and environmental performance.
Investment in UK energy is strong, the research and development, the innovation that has helped make it as successful as it is today will help companies exploit the opportunities of the future.
Author: James Clements, UKTI.