UK Oil And Gas Industry To Reach USD 12.72 Billion By 2031 As North Sea Operations And Decommissioning Demand Shape Industry Trends

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"UK Oil and Gas Industry"Mordor Intelligence has released a new report on the“UK Oil and Gas Industry”, providing comprehensive insights into market size, key growth drivers, application segments, production processes, regional trends, and the competitive landscape through 2031.

Hyderabad – Oct 23rd, 2026 - According to Mordor Intelligence, the UK oil and gas industry size is estimated at USD 11.14 billion in 2026 and is forecast to reach USD 12.72 billion by 2031, growing at a CAGR of 2.69%. The UK Oil and Gas industry is expected to maintain steady growth as operators focus on existing North Sea assets, infrastructure maintenance, production efficiency, and the management of ageing offshore facilities.

Trends in the UK Oil and Gas Industry

• Mature North Sea field management: Operators are focusing on existing assets, production efficiency, and field-life extension to maintain the commercial viability of mature offshore fields.
• Growth in decommissioning services: Ageing platforms and wells are increasing demand for well plugging, facility removal, and environmental remediation.
• Midstream infrastructure investment: Pipeline maintenance, processing upgrades, and infrastructure supporting carbon capture and hydrogen projects are contributing to demand for midstream services.

UK Oil and Gas Industry Segmentation

Mordor Intelligence segments the UK Oil and Gas market by sector, location of deployment, and service type.

By Sector

• Upstream
• Midstream
• Downstream

Upstream operations accounted for 71.65% of the UK Oil and Gas market share in 2025, reflecting the importance of exploration, field development, and production-related activities. Midstream is projected to be the fastest-growing sector, registering a CAGR of 4.18% through 2031.

By Location of Deployment

• Onshore
• Offshore

Offshore operations held 88.35% of the market in 2025 and are projected to grow at a CAGR of 3.02% through 2031. The segment benefits from established North Sea production infrastructure and continued requirements for maintenance, upgrades, and field-life extension.

By Service

• Construction
• Maintenance and Turn-around
• Decommissioning

Construction services accounted for 46.95% of the market in 2025, supported by infrastructure upgrades and modifications to existing facilities. Decommissioning is expected to record the fastest growth among service segments, with a projected CAGR of 6.05% through 2031 as more mature fields approach the end of their operating lives.

Browse Specific Japan Region Insights @

UK Oil and Gas Companies

• Shell plc
• BP plc
• Harbour Energy plc
• TotalEnergies SE
• Equinor ASA
• Chevron Corporation
• Centrica plc
• INEOS Group Ltd
• ConocoPhillips UK Ltd
• Ithaca Energy plc

These companies participate in different parts of the value chain, including exploration and production, gas infrastructure, offshore operations, and related services. Their investment decisions and operating strategies influence activity across the UK Continental Shelf and associated infrastructure networks.

United Kingdom to be the Dominating Country

Offshore operations accounted for 88.35% of the UK Oil and Gas market in 2025, highlighting the importance of marine-based assets to the sector. Investment priorities increasingly include extending the operating life of existing infrastructure, improving operational efficiency, and preparing ageing facilities for decommissioning. Midstream upgrades and services associated with carbon capture and storage also contribute to the industry's changing infrastructure requirements. These factors are expected to influence market activity through 2031.

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