Europe / Caspian / CIS
Country profile: United Kingdom
| Location: | Western Europe, islands including the northern one-sixth of the island of Ireland between the North Atlantic Ocean and the North Sea, northwest of France |
| Climate: | temperate; moderated by prevailing southwest winds over the North Atlantic Current; more than one-half of the days are overcast |
| Terrain: | mostly rugged hills and low mountains; level to rolling plains in east and southeast |
| Size: | 244820 sq. km total (Land area: 241590 sq. km Water area: 3230 sq.km) |
| Population: | 60,943,912 (July 2008 est.) |
| Languages: | English, Welsh (about 26% of the population of Wales), Scottish form of Gaelic (about 60,000 in Scotland) |
| Government: | constitutional monarchy |
| Capital city: | London |
| Legal system: | based on common law tradition with early Roman and modern continental influences; has nonbinding judicial review of Acts of Parliament under the Human Rights Act of 1998; accepts compulsory ICJ jurisdiction, with reservations |
| Currency: | British pound (GBP) |
| Licensing: |
Country profile
The United Kingdom (UK) is an important political and economic power in Europe and the world. It has the second-largest economy in the European Union (EU) with a nominal 2005 gross domestic product (GDP) of $2.2 trillion. The UK economy grew by 1.8 percent in 2005, with growth of 2.2 percent forecasted for 2006. While the UK has been a member of the EU since 1973, it does not participate in the European single currency, the Euro. The UK is the largest producer of oil and natural gas in the EU.
However, after years of being a net exporter of both fuels, the UK became a net importer of natural gas in 2004. Government estimates also predict that the country will become a net importer of oil by the end of the decade. Production from UK oil and natural gas fields peaked in the late 1990s and has declined steadily over the past several years, as the discovery of new reserves has not kept pace with the maturation of existing fields. In response, the government has begun a three-pronged approach to address the predicted domestic shortfalls: 1) increasing domestic production through efficiency gains and the exploitation of marginal fields; 2) establishing necessary import infrastructure, such as liquefied natural gas (LNG) receiving terminals and transnational pipelines; and 3) investing in energy conservation and renewables.
Energy production and consumption
| Oil | Gas | |
| Production: | 1 million bbl/day (2005 est.) | 84 billion cu m (2005 est.) |
| Consumption: | 1 million bbl/day (2005 est.) | 91 billion cu m (2005 est.) |
| Exports: | 1 million bbl/day (2005 est.) | 8 billion cu m (2005 est.) |
| Imports: | 1 million bbl/day (2005 est.) | 15 billion cu m (2005 est.) |
| Reserves: | 4 billion bbl (1 January 2006 est.) | 509 |
| Major fields: |
United Kingdom - recent news
| 25 Jul 24 |
UK: Partnership with industry will be critical to GB Energy success says OEUK The partnership announced between Great British Energy and the Crown Estate is a logical step on the government’s planned path to net zero. The new government now needs partnerships with industry to put plans into action and kickstart economic growth. The Office for Budgetary Responsibility says net zero will cost the UK 1.4 trillion, with the lion’s share coming from business. |
| 25 Jul 24 |
UK: OEUK Conference 2024 - New government can help forge homegrown energy future The trade body for the offshore energy industry has today announced speakers for the OEUK Conference 2024, which will focus on the UK’s energy future in the wake of the General Election. |
| 25 Jul 24 |
UK: New Great British Energy partnership launched to turbocharge energy independence The Prime Minister and Energy Secretary today announced a new unprecedented partnership between Great British Energy and The Crown Estate, which has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence. Great British Energy will be at the heart of the government’s mission to make Britain a clean energy superpower. |
| 24 Jul 24 |
UK: VPI awards Worley an agreement for Humber Zero Carbon Capture project VPI, a leading power company in the UK and Ireland, has awarded Worley an engineering services agreement (ESA) to support the Humber Zero Carbon Capture project. The project is anticipated to be one of the world’s largest carbon capture projects for a combined heat and power plant and is an important milestone for the UK’s transition to a net zero future. |
| 24 Jul 24 |
Proserv completes sponsor-backed MBO and announces employee ownership scheme Aberdeen/UK-headquartered Proserv has successfully completed a sponsor-backed management buyout (MBO), and is introducing an employee ownership scheme, marking a significant milestone in the company’s 60-year history. |
United Kingdom - more news
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