Oil production in the Gatwick area and the South of England could boost the UK’s economy by £52.6 billion.

That’s according to a new report by EY, which was commissioned by UK Oil & Gas (UKOG), the company behind the plan to extract oil from the Gatwick area.

It also found the Kimmeridge Limestone Oil project in the Weald Basin, which covers parts of Kent, Sussex, Surrey and Hampshire, could create up to 5,600 jobs.

In a ‘low’ scenario, total production over the lifetime of the project would be around 140 million barrels while the ‘mid’ and ‘high’ scenario would see 560 million and 1.1 billion barrels respectively.

Peak oil production in the ‘mid’ scenario could be around 170,000 barrels per day and in the ‘high’ scenario, more than 330,000 barrels per day That would represent around 14% and 27% of 2014 UK daily oil demand.

Lifetime tax revenues of the project could be between £2.1 billion to £18.1 billion, it added.

The report also stated “these benefits will be maximised via the development of a UK-based supply chain and through a series of targeted policies and initiatives to appropriately mitigate potential barriers to development”.

Stephen Sanderson, UKOG’s Executive Chairman said: “This report confirms UKOG’s view that the development of Kimmeridge Limestone oil in the Weald Basin can make a very significant contribution to the economy, employment and energy security of the UK.”

Last year, UKOG issued a clarification regarding its estimation of oil at Gatwick airport.