Neptune Energy said it had provided record levels of support for European economies, with additional contributions outside the continent, from its global oil and gas activities.
IMPACT
The figures, from an economic impact analysis by Oxford Economics and included in Neptune’s annual report, show contributions of $4.8 billion gross value added (GVA) and support for more than 9,200 jobs in European economies.
Neptune’s overall European economic impact increased significantly in 2022, a rise from $3.3bn in 2021, primarily due to higher earnings and taxes paid.
EUROPE
In Germany, the Netherlands, Norway and the UK, the company contributed:
– $2.9bn to Norway’s GDP and supported 1,616 jobs. For every Neptune employee in Norway, the company supported four elsewhere (1:4).
In the UK, Neptune contributed $771 million to GDP and supported 3,285 jobs (1:12).
The company contributed $356m to Dutch GDP and supported 1,867 jobs (1:4), and $771m to German GDP, supporting 2,482 jobs (1:6).
OUTSIDE EUROPE
The company added that the analysis also showed the economic impact of its activities in Indonesia supported 7,856 jobs and contributed $510m GVA (1:435).
Since 2018, Neptune has invested around $7bn, including $3.6bn in development capex and $600m in exploration and pre-development activities in Europe, North Africa and Asia Pacific.
The company also invested $3.7m to support global humanitarian aid and local community initiatives.
ECONOMIC BENEFITS
Oxford Economics’ director of economic impact consulting, Europe, Pete Collings, said that high energy prices and cost controls in 2022 meant Neptune’s direct impacts on European markets maintained 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.”
Neptune chief executive Pete Jones added that the company’s investments had put supply chains to work, provided energy for domestic consumption and export, and contributed 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.”