Oil and gas are still key to the UK economy, claims the industry trade body. Oil & Gas UK says that its latest Economic Report for 2011 shows the sector is one of UK industry’s “stalwarts”.

The report shows that more than 40 billion barrels of oil and gas equivalent have been extracted from the UK continental shelf as a result of £468 billion investment over the past 40 years.

Malcolm Webb, Oil & Gas UK’s chief executive, said: “I firmly believe that this is an industry that can continue to make a major contribution to the UK economy and UK security of energy supply for decades to come. Our globally recognised expertise in oil and gas related technology, engineering, manufacturing and services provides a fantastic platform for the future – both domestically and in overseas markets. In these difficult economic times, we must nurture this jewel in the UK economic crown.”

He added that demand for UK products was on the rise, with international sales via the supply chain in 2010 estimated at £6 billion.