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Neptune Energy annual report reveals extent of support for European economies

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Oilfield Technology,

Neptune Energy has announced record levels of support for European economies with the company’s activities contributing US$3.3 billion gross value added (GVA) and more than 9700 jobs.

Economic impact analysis by Oxford Economics, published in Neptune’s Annual Report and Accounts, revealed the company’s overall European economic impact increased significantly in 2021 – up from US$2.1 billion in 2020 – due primarily to increased earnings resulting in higher taxes paid.

Since its inception in 2018 Neptune has invested more than US$6 billion in development, exploration and acquisitions to grow the business.

The analysis highlighted;

  • Neptune contributed US$1.7 billion to Norway’s GDP, equivalent to 0.35% of Norway’s total GDP. Neptune supported 1581 jobs and for every Neptune employee in Norway, the company supported four elsewhere.
  • In the Netherlands, Neptune contributed US$616 million to Dutch GDP and supported 1520 jobs. For every Neptune employee in The Netherlands, around four jobs are supported elsewhere.
  • Neptune contributed US$536 million to German GDP, supporting 2599 jobs. For every Neptune employee in Germany, around six jobs were supported elsewhere.
  • In the UK, Neptune contributed US$512 million to GDP and supported 4020 jobs. For every Neptune employee in the UK, around 18 jobs were supported elsewhere in the domestic economy.

For the first time, analysis was also carried out on Neptune’s economic impact in Indonesia where the company’s activities supported more than 13 640 jobs and contributed US$478 million GVA. For every Neptune employee in Indonesia, more than 600 jobs were supported elsewhere.

Neptune Energy’s CEO, Pete Jones, said: “The research demonstrates the important contribution Neptune makes to the communities where we operate, not only directly but also throughout the supply chain with more than $1bn spend in 2021, supporting the post-pandemic recovery of local and national economies.

“Our significant Northwest European gas and oil production is an important contributor to Europe’s energy security while in Indonesia we’re working with our partners to produce LNG for export to the region and gas for the domestic market. We will continue to work with the respective governments as well as with our partners and suppliers, to contribute to meeting society’s energy needs and supporting economic growth.”

Publication of Neptune’s economic impact assessment comes after the company announced its aim to go beyond net zero and store more carbon than is emitted from its operations and the use of its sold products by 2030.

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