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. The market is driven by various factors including rising energy security concerns, fluctuating global oil prices, regulatory changes, investment in renewable energy, and the need for infrastructure upgrades, alongside efforts to decarbonize and meet net-zero targets.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 587.4 Million
Market Forecast in 2033	USD 685.3 Million
Market Growth Rate (2025-2033)	1.7%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on type and application.

The United Kingdom Oil and Gas Market is Segmented by Sector (Upstream, Downstream, and Midstream). The Report Offers the Market Size in Value Terms in USD for all the Abovementioned Segments.

The United Kingdom oil and gas market was valued at USD 330.50 Billion in 2024. The industry is expected to grow at a CAGR of 1.65% during the forecast period of 2025-2034 to attain a valuation of USD 389.26 Billion by 2034.

United Kingdom Oil and Gas Market valued at USD 320 billion, driven by energy demand, technological advancements, and government support for security and sustainability.

There were 40 enterprises in the United Kingdom oil and gas extraction industry with an annual turnover of more than five million British pounds as of 2024.

The report covers UK Midstream Oil and Gas Companies and the market is segmented by Transportation, Storage, and LNG Terminals.

***** was the leading oil and gas company in the United Kingdom (UK) as of October 15, 2024, with a market capitalization amounting to over *** billion U.S. dollars. ** followed as the second-largest oil and gas company in the country, with a market cap of approximately ***** billion U.S. dollars.

The report covers North Sea Oil and Gas Production and the market is segmented by Geography (United Kingdom, Norway, Denmark, and Rest of the Other Countries).

There were 15 enterprises in the United Kingdom oil and gas extraction industry that employed more than 250 people as of 2025. In this year, the total number of businesses within this sector was 115, of which the majority employed between zero and four people.

UK oil and natural gas production has sunk over the past decades as old oil and gas fields in the North Sea have matured and reached the end of their life cycle. At the same time, developing new commercially viable sources has become increasingly challenging, owing to the overall age of the North Sea basin and the fact that the most easily accessible deposits have already been extracted. 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. Oil and gas extracting companies also 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 growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to just over £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 continuing in a downward trend. Profit is also slated to inch downward over the year to 8.3%. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which was extended until March 2025, with a ramping-up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries, threatening a glut in the oil market and a significant dip in global demand (especially from China), has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to just over £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.

The United Kingdom offshore oil and gas decommissioning market is segmented by water depth (shallow water, deep water, and ultra-deep water). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

Households in the highest decile group in the United Kingdom spent an average of 33 British pounds a week on petrol, diesel, and other motor fuels in 2023. This compared to a weekly spend of 6.3 British pounds by the lowest decile group. The average spending was 21.1 British pounds per week that year.

Petroleum refining companies in the UK produce a wide variety of products. Fuels for transport and heating are the most common, with petroleum products for transport consistently accounting for almost three-quarters of product demand, according to DESNZ. Industry revenue is expected to swell at a compound annual rate of 8.8% over the five years through 2025-26 to £44.8 billion, including a forecast dip of 2.2% in 2025-26, owing to staggering volatility in crude petroleum and fuel prices in recent years. The COVID-19 pandemic took its toll on the industry. Global border and travel restrictions dented both demand for fuel and fuel prices, weighing on revenue and profitability for refiners. However, this trend was quickly reversed following Russia's invasion of Ukraine in February 2022. This led to the UK and other major economies announcing they would wean themselves off Russian oil, leading to a sharp spike in oil prices over 2022-23 and, to a lesser degree, 2023-24. Strong oil price inflation translated into higher value sales for refined oil companies, paving the way for a strong recovery. However, with global oil supplies normalising in 2025-26 and demand for diesel and petrol struggling to go back to pre-2019 levels, industry revenue is slipping in 2025-26. This is mostly the result of growing adoption of electric and hybrid vehicles, denting demand from road transport. However, strong growth in the air freight and air passenger industries is supporting demand for jet fuel in 2025-26. Industry revenue is forecast to climb at a compound annual rate of 0.7% over the five years through 2030-31 to £46.3 billion. Demand for petrol and diesel-fuelled vehicles is set to fall due to government initiatives designed to reduce emissions, including the extension of Clean Air Zones and the banning of new petrol and diesel cars by 2030. Demand for pure electric vehicles will continue to climb, presenting a significant threat to fuel demand in the long term.

North Sea Region Oil And Gas Market size was valued at USD 40.00 Billion in 2024 and is projected to reach USD 54.74 Billion by 2032, growing at a CAGR of 4.00% from 2026 to 2032.

Key Market Drivers:

Increasing Global Energy Demand: The increasing global need for energy is a major driver of the North Sea region's oil and gas business. According to the International Energy Agency (IEA), worldwide energy demand is predicted to rise by 13% between 2021 and 2030, driven by industrial growth, population growth, and urbanization.

Increasing Investment in Offshore Exploration and Production: The increasing in investment in offshore exploration and production in the North Sea, particularly in the United Kingdom and Norway. According to the Norwegian Petroleum Directorate (NPD), Norway plans to invest NOK 150 billion (USD 15 Billion) in the oil and gas sector by 2025, to support continuous exploration and production in the North Sea.

United Kingdom Turnover: Volume: AIM: Oil and Gas data was reported at 14,672,644.980 Unit th in Nov 2018. This records an increase from the previous number of 13,070,375.375 Unit th for Oct 2018. United Kingdom Turnover: Volume: AIM: Oil and Gas data is updated monthly, averaging 4,623,445.295 Unit th from Jan 2006 (Median) to Nov 2018, with 155 observations. The data reached an all-time high of 39,530,483.589 Unit th in Mar 2017 and a record low of 1,162,253.058 Unit th in Dec 2007. United Kingdom Turnover: Volume: AIM: Oil and Gas data remains active status in CEIC and is reported by London Stock Exchange. The data is categorized under Global Database’s United Kingdom – Table UK.Z009: London Stock Exchange: Turnover: AIM Market.

United Kingdom Turnover: Value: AIM: Oil and Gas data was reported at 513,040.101 GBP th in Oct 2018. This records an increase from the previous number of 455,942.001 GBP th for Sep 2018. United Kingdom Turnover: Value: AIM: Oil and Gas data is updated monthly, averaging 602,466.695 GBP th from Jan 2006 (Median) to Oct 2018, with 154 observations. The data reached an all-time high of 3,805,430.642 GBP th in Feb 2012 and a record low of 121,909.394 GBP th in Dec 2015. United Kingdom Turnover: Value: AIM: Oil and Gas data remains active status in CEIC and is reported by London Stock Exchange. The data is categorized under Global Database’s United Kingdom – Table UK.Z009: London Stock Exchange: Turnover: AIM Market.

The UK flare gas recovery system market is projected to be worth USD 47.1 million in 2025 and USD 71.9 million by 2035, increasing at a CAGR of 5.8% during the forecast period.

Metric	Value
Industry Size (2025E)	USD 47.1 Million
Industry Value (2035F)	USD 71.9 Million
CAGR (2025 to 2035)	5.8%

City-wise Outlook

City	CAGR (2025 to 2035)
Greater London	5.5%

City	CAGR (2025 to 2035)
Scotland	6.3%

City	CAGR (2025 to 2035)
Wales	5.2%

City	CAGR (2025 to 2035)
Yorkshire and the Humber	6.0%

Competitive Outlook

Company Name	Estimated Market Share (%)
Pentair Oil & Gas Separations (UK)	18-22%
John Zink International (UK Ops)	14-18%
Howden UK (Part of Chart Industries)	10-14%
Parker Hannifin UK	6-10%
Other Companies	35-40%

The statistic shows the number of jobs supported by the offshore oil and gas industry in the United Kingdom (UK) from 2013 to 2019. The number of jobs supported by the industry has fallen in each year since 2014, eventually reaching ******* jobs in 2019. In 2019, ****** people were directly employed in jobs supported by the offshore oil and gas industry.

The turnover of the extraction of crude petroleum and natural gas industry in the United Kingdom increased by 4.7 billion euros (+17.98 percent) in 2018 in comparison to the previous year. In total, the turnover amounted to 31 billion euros in 2018. For the purpose of Eurstat Dataset NACE Rev.2 Section K turnover comprises the totals invoiced by the observation unit during the reference period, which corresponds to market sales of goods or services supplied to third parties.Find more statistics on other topics about the United Kingdom with key insights such as turnover of the mining and quarrying industry, number of employees in the extraction of crude petroleum and natural gas industry, and personnel costs of the extraction of crude petroleum and natural gas industry.