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 the final stage of liberalisation of the electricity supply market, which will bring choice to the household consumer. However, the UK is recognised as a market leader in fuel fabrication, reprocessing and nuclear technology which provides good export opportunities. Coal's survival is dependent on its continuing status as a commodity used by the electricity generators. 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.