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Crude Petroleum & Natural Gas Extraction in the UK Industry Data and Analysis
UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices as oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year.
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What's included in this industry analysis
IBISWorld's research coverage on the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released October 2025.
About this industry
What's this industry report about?
The Crude Petroleum & Natural Gas Extraction industry in the United Kingdom operates under the SIC industry code B06.000. Companies in this industry extract crude oil and natural gas from onshore and offshore fields. The industry also includes oil extraction from oil shale and oil sands and covers all activities relating to developing extraction sites and extracting oil and gas. Related terms covered in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom include oilfield, barrels of oil equivalent, fracking and oil sands.
What's included in this industry?
Products and services covered in Crude Petroleum & Natural Gas Extraction industry in the United Kingdom include Offshore crude oil, Onshore crude oil and Offshore natural gas.
What companies are included in this industry?
Companies covered in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom include Shell UK Ltd, BP plc and TotalEnergies E&P UK Ltd.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom.
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Frequently Asked Questions
What is the market size of the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom in 2026?
The market size of the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom is £23.0bn in 2026.
How many businesses are there in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom in 2025?
There are 61 businesses in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom, which has declined at a CAGR of 16.8 % between 2020 and 2025.
How may import tariffs affect the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom?
The Crude Petroleum & Natural Gas Extraction industry in the United Kingdom is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom?
The Crude Petroleum & Natural Gas Extraction industry in the United Kingdom is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom grown or declined over the past 5 years?
The market size of the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom has been growing at a CAGR of 5.1 % between 2020 and 2025.
What is the forecast growth of the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom over the next 5 years?
Over the next five years, the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom is expected to grow.
What are the biggest companies in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom?
The biggest companies operating in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom are Shell UK Ltd, BP plc and TotalEnergies E&P UK Ltd
What does the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom include?
Offshore crude oil and Onshore crude oil are part of the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom.
Which companies have the highest market share in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom?
The company holding the most market share in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom is Shell UK Ltd.
How competitive is the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom?
The level of competition is very high and steady in the Crude Petroleum & Natural Gas Extraction industry in the United Kingdom.
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