Growing the economy and exports

What we will do

ADD VALUE

Continuing to add billions of pounds of value to the UK economy

INCREASE EXPORTS

Increasing exports from the diversified oil and gas sector to £20 billion each year

INCREASE BY 50%

Increasing the number of supply chain firms exporting by 50%

Growing the economy and exports

Key actions

Anchoring the supply chain

  • Develop supply segment outlook and opportunity reports
  • Continue to utilise supply chain best practices (including contract models, supply chain principles, payment terms, standardisation and supply chain collaboration)
  • Establish KPIs to improve supply chain efficiency
  • Leverage key industry shared platforms and shared service models
  • Develop key performance indicators for decommissioning and a decommissioning performance tracking tool, which includes benchmarks against other basins

Diversifying the supply chain

  • Increase visibility of upcoming global oil, gas, and renewables activity and projects
  • Leverage supply chain skills to support wider energy diversification
  • Establish industry standards to ensure consistency across the offshore energy spectrum
  • Establish the UKCS as a sector leader in underwater technology, low carbon production, CCUS, Hydrogen and decommissioning

Growing exports

  • Establish key export events on annual basis
  • Establish mechanism and platform to track and show progress in supply chain exports & diversification
  • Develop plans to leverage support and capabilities provided by DIT and SDI across the energy spectrum (for both exports and inward investment)
  • Launch ‘Exporters toolkit’ and encourage uptake and implementation
  • Leverage support and capabilities provided by UK Export Finance and other exporting bodies
  • Develop export outlook and opportunity reports
  • Improve connectivity and visibility across the supply chain of new domestic and export opportunities
  • Improve visibility of exporting and non-exporting elements of the supply chain

Wood

Case study

Wood recognises the transition from traditional fossil fuels presents an opportunity to further diversify its business while creating a sustainable future for its people and the communities where they operate.

Wood’s journey to broaden its capabilities is clearly aligned with the energy transition and emerging global trends in supply and demand. Wood’s strong heritage in oil and gas combined with an ever-increasing role in the development of renewable power generation and infrastructure, ideally positions the company to meet the needs of a low-carbon future.

"Wood is already active in this space, leading a first-of-its-kind project to reduce CO2 emissions for an international climate change investment fund by designing a gas power plant with carbon capture."

On Scotland’s west coast, Wood is supporting the growth of lower-carbon alternatives by advising on how the existing gas network could be used to transport hydrogen as a fuel for local ferries.

The company is also continuing to support long-standing customers through the energy transition into clean energy. In the Netherlands, Wood recently completed work as owner’s engineer on Shell’s first solar PV plant which will generate power for the onsite chemical facility.