Neptune Energy has announced it provided record levels of support for European economies, with activities contributing $4.8 billion gross value added (GVA) and supporting more than 9,200 jobs.
Economic impact analysis by Oxford Economics, published today in Neptune’s Annual Report and Accounts, revealed the company’s overall European economic impact increased significantly in 2022, up from $3.3bn in 2021, primarily due to higher earnings and taxes paid.
Oxford Economics’ analysis highlighted:
- Neptune contributed $2.9 billion to Norway’s GDP, and supported 1,616 jobs. For every Neptune employee in Norway, the company supported four elsewhere.
- In the UK, Neptune contributed $771 million to GDP and supported 3,285 jobs. For every Neptune employee in the UK, around 12 jobs were supported elsewhere in the domestic economy.
- In the Netherlands, Neptune contributed $356 million to Dutch GDP and supported 1,867 jobs. For every Neptune employee in the Netherlands, around four jobs are supported elsewhere.
- Neptune contributed $771 million to German GDP, supporting 2,482 jobs. For every Neptune employee in Germany, around six jobs were supported elsewhere.
Analysis carried out on Neptune’s economic impact in Indonesia showed the company’s activities supported 7,856 jobs and contributed $510 million GVA. For every Neptune employee in Indonesia, 435 jobs were supported elsewhere.
Since 2018, Neptune has invested around $7 billion, including $3.6 billion in development capex and $600 million in exploration and pre-development activities in Europe, North Africa and Asia Pacific. The company also invested $3.7 million to support global humanitarian aid and local community initiatives.
Neptune Energy’s CEO, Pete Jones, said: 'The analysis shows the positive impact that Neptune has on the economies and labour markets where we operate. Our investments put supply chains to work, provide energy for both domestic consumption and export, and make an important contribution to energy security.
'Our activities also create a ripple effect that goes even further, driving economic growth and benefitting each of the locations where we work.'
Pete Collings, Oxford Economics’ Director of Economic Impact Consulting, Europe, added: '2022 was an extremely volatile year for the European energy markets. High energy prices and prudent cost controls mean Neptune's direct impacts to European markets maintains its growth.
'Our research shows that Neptune’s activities continue to provide significant economic benefits further down the supply chain and in the consumer economy.'
Source: Neptune Energy
Neptune’s 2022 Annual Report and Accounts is available here.