Offshore Energies UK has warned that the UK risks losing a multi-billion-pound economic opportunity, with investment, jobs and energy security at stake, according to the trade body’s 2026 Economic Report.
In a statement accompanying the report, OEUK said boosting domestic energy production is critical to protecting households, businesses and the wider economy from global shocks, arguing that energy security is national security in an increasingly volatile world.
Jobs and economic weight
The offshore energy industry supports around 245,000 UK jobs and generates £36.7 billion in gross value added every year, making it more than twice the size of the farming sector, the report says.
OEUK argues that reform of the current fiscal and regulatory framework could unlock billions of pounds of investment, safeguard tens of thousands of skilled jobs and deliver significant additional tax revenues for the Treasury.
Import dependence and Middle East volatility
The UK currently relies on imports to meet over 40% of its energy needs. OEUK warns that greater reliance on imports leaves the country more exposed to geopolitical disruption, higher prices and increased inflation.
Around 20% of global oil and gas supplies pass through the Strait of Hormuz, while LNG shipments through the route have fallen sharply since the latest Middle East conflict began. Reduced investment in domestic production, the report says, also puts terminals, pipelines and remaining refining capabilities at risk.
Renewables pipeline and integrated offshore economy
The report identifies a pipeline of more than £105 billion in offshore renewable energy projects over the next decade, including over £80 billion in offshore wind investment.
OEUK says the UK has a once-in-a-generation opportunity to build an integrated offshore energy economy, but only if policy supports investment, strengthens domestic supply chains and ensures more of the jobs and economic value are retained in UK communities.
Cornejo: window for action is narrowing
Enrique Cornejo, Offshore Energies UK policy director, said:
“Britain is at a critical juncture. Our industry is ready to invest and deliver more homegrown oil and gas, but the window for action is narrowing.
“Without urgent policy decisions, the UK risks increasing its dependence on imports and losing high value jobs. This trend is eroding the infrastructure that is essential to both energy security and the transition.
“Either we back UK domestic energy production and retain investment, skills and value in the UK, or we see these economic benefits move elsewhere. OEUK wants to see full support for all homegrown energies so UK can meet all its energy needs, strengthen growth and reduce reliance on imports.”
More detail is available from Offshore Energies UK.
