Limited company contractors in the oil and gas sector play a vital role in underpinning the UK's energy industry and make an important contribution to the nation's economy overall.
This is according to the new Oil & Gas UK 2012 Economic Report.
Oil & Gas, which represents over 250 companies, found that the sector, and the contractors which work within it, contribute around £11.2 billion to the treasury in direct taxes and around £6 billion in corporation tax.
“The UK oil and gas industry’s economic contribution is to be celebrated and supported, especially in the current challenging global environment,” says Oil & Gas UK’s chief executive Malcolm Webb.
“It is providing extra jobs and placing orders with companies across the UK supply chain, as well as supporting exports and tax revenues.”
Turning things on their head, Mr Webb believes that for every £1 billion the government invests back into the energy sector, around 20,000 new contracts and jobs are created.