£36.4bn
£X.Xbn
34,060
127
£X.Xbn
UK oil and gas production has diminished over the past decade because old oil fields have matured and developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. More recently, oil and gas explorers have reaped the rewards of an upsurge in global prices through 2022-23 and 2023-24, leading to sharp revenue growth. Revenue is expected to expand at a compound annual rate of 8.2% over the five years through 2024-25 to £36.4 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices cool off in the second half of 2024-25.
Industry revenue has grown at a CAGR of 8.2 % over the past five years, to reach an estimated £36.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2025 | Revenue (£m)
2025 |
---|---|---|
BP plc | 24,792.4 | |
TotalEnergies E&P UK Ltd | 4,697.0 | |
CNOOC Petroleum Europe Ltd | 1,610.3 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Offshore crude oil, Onshore crude oil and Offshore natural gas. Offshore crude oil is the largest segment of the Crude Petroleum & Natural Gas Extraction in the UK.
New licensing rounds drive up offshore crude oil production
Companies in this industry extract crude oil and natural gas from onshore and offshore fields. The industry also includes the extraction of oil from oil shale and oil sands and covers all activities relating to developing extraction sites and extracting oil and gas.
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SIC 06 - Crude Petroleum & Natural Gas Extraction in the UK
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
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Oil companies explore technology that cuts extraction costs. UK companies are looking into increasing supply and cutting costs by using fracking, but the UK’s fracking ban me...
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Scotland benefits from its abundance of natural resources. Its proximity to the UK Continental Shelf means the region dominates the UK extraction market.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Oil and gas explorers form partnerships. Small and larger extraction companies often work together, sharing profitable oil and gas fields. This benefits smaller companies, as...
Learn about the performance of the top companies in the industry.
BP's profit soars alongside global prices. The steep rise in oil and gas prices caused by the Russia-Ukraine conflict has pushed up the company’s returns.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Crude oil and natural gas prices dictate extractors’ revenue. When global prices gas are higher, extractors will see their revenue and profit soar, while price crashes can de...
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Oil and gas extractors continue to shell out on new equipment. Inflationary pressures are raising costs for things like drilling equipment and other inputs, but high oil and ...
Including values and annual change:
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Key data sources in the UK include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Crude Petroleum & Natural Gas Extraction in the UK industry in United Kingdom is £36.4bn in 2024.
There are 127 businesses in the Crude Petroleum & Natural Gas Extraction in the UK industry in United Kingdom, which has declined at a CAGR of 0.9 % between 2019 and 2024.
The market size of the Crude Petroleum & Natural Gas Extraction in the UK industry in United Kingdom has been growing at a CAGR of 8.2 % between 2019 and 2024.
Over the next five years, the Crude Petroleum & Natural Gas Extraction in the UK industry in United Kingdom is expected to grow.
The biggest companies operating in the Crude Petroleum & Natural Gas Extraction market in United Kingdom are BP plc, TotalEnergies E&P UK Ltd and CNOOC Petroleum Europe Ltd
Offshore crude oil and Onshore crude oil are part of the Crude Petroleum & Natural Gas Extraction in the UK industry.
The company holding the most market share in United Kingdom is BP plc.
The level of competition is moderate and steady in the Crude Petroleum & Natural Gas Extraction in the UK industry in United Kingdom.