Neptune Energy said its support to European economies in 2022 reached record levels with the company’s activities contributing $4.8 billion in gross value added (GVA) and supporting more than 9,200 jobs.
Citing Oxford Economics’ economic impact analysis, published in its Annual Report and Accounts, Neptune Energy said its overall European economic impact increased significantly in 2022 from $3.3 billion in 2021, mainly due to of income and higher taxes paid.
The analysis highlighted that Neptune contributed $2.9 billion to Norway’s GDP and supported 1,616 jobs. In the UK, Neptune contributed $771 million to GDP and supported 3,285 jobs.
Neptune also noted that, in the Netherlands, it contributed $356 million to Dutch GDP and supported 1,867 jobs, while it contributed $771 million to German GDP, supporting 2,482 jobs.
Analysis conducted on Neptune’s economic impact in Indonesia showed that the company’s activities supported 7,856 jobs and contributed $510 million in GVA.
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, the statement said.
“The analysis shows the positive impact that Neptune has on the economies and labor markets where we operate. Our investments enable supply chains, provide energy for both domestic consumption and export, and make an important contribution to energy security,” said Pete Jones, CEO of Neptune Energy. “Our activities they also create a ripple effect that goes even further, driving economic growth and benefiting each of the locations where we work.”
“2022 was an extremely volatile year for European energy markets. High energy prices and prudent cost controls mean that Neptune’s direct impact on European markets will continue to grow,” added Pete Collings, Oxford Economics’ Director of Economic Impact Consulting, Europe.” Our research shows that Neptune’s activities continue to deliver significant economic benefits further down the supply chain and in the consumer economy.”
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