United Kingdom Oil and Gas Market Overview
Market Size in 2024: USD 587.4 Million
Market Forecast in 2033: USD 685.3 Million
Market Growth Rate (2025–2033): 1.7%
The United Kingdom oil and gas market size reached USD 587.4 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 685.3 Million by 2033, exhibiting a growth rate (CAGR) of 1.7% during 2025–2033.
United Kingdom Oil and Gas Market Trends And Drivers:
The UK oil and gas industry is slowly recovering. Investments in offshore exploration and production are on the rise. The North Sea is still a key area. Ongoing licensing rounds and tech upgrades are boosting upstream activities. This happens even with pressure from the energy transition.
Strategic Focus on Energy Security
The UK government is focusing on energy security. This shift comes from global energy volatility and geopolitical uncertainties. New measures aim to reduce reliance on imported hydrocarbons. This includes new oil field licenses. It also means faster gas production at home and more storage capacity.
Transition to Low-Carbon Operations
Operators in the UK oil and gas sector are using decarbonization technologies. They are integrating carbon capture and storage (CCS), hydrogen blending, and electrifying platforms. Net-zero targets in the industry are driving teamwork between public and private sectors. This aims to align oil and gas operations with national climate goals.
Infrastructure Modernization in Midstream and Downstream
Upgrading pipelines and building LNG import terminals help the UK’s oil and gas supply chain. Boosting refining capacity does too. These changes support the need for traditional fuels. They also help bring alternative energy sources into the national grid.
United Kingdom Oil and Gas Market News
- May 2025 – The UK government approved Rosebank oil field development in the North Sea to boost domestic crude output.
- March 2025 – BP announced pilot testing of offshore electrification to reduce emissions from its North Sea platforms.
- December 2024 – Shell completed the expansion of its LNG regasification terminal at the Isle of Grain.
- August 2024 – Harbour Energy secured new licenses under the UK’s 33rd offshore licensing round.
For an in-depth analysis, you can refer sample copy of the report:
https://www.imarcgroup.com/united-kingdom-oil-gas-market/requestsample
United Kingdom Oil and Gas Market Segmentation:
Type Insights:
- Upstream
- Midstream
- Downstream
Application Insights:
- Offshore
- Onshore
Regional Insights:
- London
- South East
- North West
- East of England
- South West
- Scotland
- West Midlands
- Yorkshire and The Humber
- East Midlands
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Explore the Full Report with Charts, Table of Contents, and List of Figures:
https://www.imarcgroup.com/request?type=report&id=24514&flag=C
Key Highlights of the Report:
- Market Performance (2019–2024)
- Market Outlook (2025–2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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