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 Financial evaluation reveals Neptune Vitality supported nearly 10,000 jobs throughout Europe in 2021
November 30, 2022

Financial evaluation reveals Neptune Vitality supported nearly 10,000 jobs throughout Europe in 2021

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North Sea agency Neptune Vitality has set out the “vital” impression its operations have on economics throughout Europe.

Introduced as a part of its annual report and accounts, the corporate contributed “document ranges” of help for economies final 12 months, with gross worth added (GVA) of round £2.5 billion.

It additionally supported greater than 9,700 jobs throughout Europe, together with dozens in Aberdeen the place Neptune has a North Sea base.

Carried out by Oxford Economics, the evaluation confirmed the corporate’s general European financial impression elevated considerably in 2021.

In 2020 GVA stood at simply £1.6bn, with the rise to £2.5bn being attributed to increased taxes off the again of elevated earnings.

Since its inception, private-equity backed Neptune has invested greater than £4.5bn in improvement, exploration and acquisitions.

Pete Jones, the corporate’s chief govt, mentioned: “The analysis demonstrates the vital contribution Neptune makes to the communities the place we function, not solely instantly but additionally all through the provision chain with greater than $1bn spend in 2021, supporting the post-pandemic restoration of native and nationwide economies.”

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Neptune Vitality CEO Pete Jones. Aberdeen.

Within the UK, Neptune contributed £387 million to gross home product (GDP) in 2021 and supported 4,020 jobs.

For each Neptune worker within the UK, round 18 jobs had been supported elsewhere within the home economic system, based on evaluation.

Norway obtained greater than treble the determine paid to the UK, with Neptune contributing £1.28bn to the Scandinavian nation’s GDP.

That’s equal to 0.35% of Norway’s complete GDP, the place the corporate additionally supported 1,581 jobs.

Within the Netherlands, Neptune contributed £466m to GDP, whereas in Germany that determine stood £405m

For the primary time, evaluation was additionally carried out on Neptune’s financial impression in Indonesia the place the corporate’s actions supported greater than 13,640 jobs and contributed £362m GVA.

Mr Jones mentioned: “Our vital Northwest European gasoline and oil manufacturing is a crucial contributor to Europe’s vitality safety whereas in Indonesia we’re working with our companions to provide LNG for export to the area and gasoline for the home market. We are going to proceed to work with the respective governments in addition to with our companions and suppliers, to contribute to assembly society’s vitality wants and supporting financial progress.”

Neptune shared its full 12 months outcomes for 2021 final week wherein it reported pre-tax earnings of £1.1bn.

It additionally hailed a “sturdy working surroundings” final 12 months that helped to spice up income to £1.9bn.

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