In the U.K., Chevron has been developing the energy that people and businesses depend on for more than 50 years. We commissioned the Aberdeen and Grampian Chamber of Commerce in collaboration with the Fraser of Allander Institute to provide an independent assessment of our overall economic impact in the U.K. The report reinforces Chevron’s role in the economic health of the U.K. by measuring our impact through job creation, investments in the U.K. supply chain, research and development (R&D) and the outputs of the goods and services provided by different sectors.
The investments made directly by our U.K. businesses and international subsidiaries into the U.K. support, both directly and indirectly, a supply chain and skilled jobs that service oil and gas activity at home and abroad, further contributing to the U.K.’s security of energy supply. At Chevron, we are committed to operating safely and reliably, with protection of our workforce and the environment our first priority. As an energy provider we also help to spur economic growth.
This report also looks at other impacts our business has on the U.K., such as our social investments. Through these programmes, we identify social need and build lasting relationships that support and strengthen the communities where we work. We demonstrate our commitment to our local communities in a number of ways, such as supporting education initiatives that advance the U.K.'s science, technology, engineering and mathematics capabilities, and investing in programmes that deliver lasting results for underserved sectors of the community.
Through our technical expertise and long-term investments in technology, major capital projects and existing assets, we aim to maximise the resource recovery from the U.K., reliably produce energy the country needs and continue delivering economic and societal benefits.
Summary of Economic Impact
- Chevron contributed directly to the U.K's. energy security in 2015 through its net daily production of 40,000 barrels of oil (liquids) and 115 million cubic feet of natural gas.
- Chevron supported a total of £2.71 billion in gross value added (GVA) to the U.K.'s economy in 2015. This economic activity supported the equivalent of 51,727 U.K. jobs.
- Chevron's direct contribution was £867 million GVA to the U.K. economy through its spending on developing, operating and maintaining its offshore operations; U.K. jobs (labour costs); and its spending with companies from across the U.K. supply chain through its international subsidiaries.
- Chevron produced an indirect contribution of £627 million GVA to the U.K. economy through spending on goods and services from across the U.K. supply chain.
- The household spending of people employed by Chevron’s businesses in the U.K., and those employed across the wider U.K. supply chain as a result of the company’s activities, is estimated to have supported a £1.21 billion GVA contribution (induced impact) to the U.K. economy.
- For every £1 of direct GVA delivered by Chevron a further £2.12 was generated through the multiplier effect in the U.K. economy.
- U.K. companies secured 79% of Chevron’s total operational and capital expenditure on its U.K. offshore activities.
- Chevron invested more than £1 million in support of community organisations and the development of U.K. talent through its support of science, technology, engineering and maths (STEM) subjects, university alliances and technical apprenticeship programmes.
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U.K. Economic Impact Report
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2015 Annual Report
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