The UK has a wealth of indigenous energy resources, with abundant supplies of oil, gas and coal, as well as valuable technical expertise for maintaining and utilising these resources. In its position as one of the most energy-rich countries in Europe, it is uniquely placed to profit from a strong energy market.
Oil is of considerable importance to the UK economy.
Activities in this sector have been concentrated on restructuring the industry to meet the needs of full competition and choice for all consumers. However, the country is recognised as a market leader in fuel fabrication, reprocessing and nuclear technology, which provides good export opportunities. As the economics of such projects improve, the contribution that renewable sources make is likely to grow. Oil resources had always been in private hands. Full liberalisation was achieved in May 1999, with the completion of the opening up of the electricity market.