Oil and Petroleum industry in UK Essay Example | Topics and Well Written Essays - 1750 words

Oil and Petroleum fabrication in UK - Essay ExampleHowever, there are industries, like the anele and petroleum persistence, which have managed to keep their competitiveness and remain intact from global market pressures. Current paper focuses on the inunct and petroleum industry of the UK. The specific industry is considered as elevatedly profitable, as analysed further below. Still, the industry has been cerebrate to anti-competitive behaviour, supporting the evolution of oligopolies. The characteristics and the competitive behaviour of the above industry are explored in this paper. Emphasis is given on the industrys potentials to control anti-competitive behaviour and promote the equal development of its members. 2. Oil and Petroleum industry in UK 2.1 Current supply and demand conditions The anoint and petroleum industry of UK is highly developed, a fact related to the countrys high efficiency in terms of oil and gas. Indeed, it has been proved that a piece of 99% of oi l and gas produced in UK is extracted from the seabed surrounding the country (Oil & Gas UK 2012). The producing fields of the oil and petroleum industry of UK have been estimated to 383 (Oil & Gas 2012). ... For example, the countrys oil and gas toil of 2009 reached high levels, covering the two-thirds of the local energy needs (Department of cogency and Climate Change 2012). The particular industry as well as supports that UK economy the contri simplyion of the industry in the UK economy has been estimated to an average of ?8 billion annually (Department of Energy and Climate Change 2012). In the context of the global market, the performance of the oil and petroleum industry of UK put forward be characterized as quite satisfactory, leading to the classification of UK as one of the most powerful oil and gas producers worldwide. Indeed, in 2008 UK ranked 14th (Department of Energy and Climate Change 2012) in terms of its oil and gas production. It should be noted that the indust rys key firms have been estimated to 30 (see circuit card 1, Appendix) however, among these notwithstanding 3 are those that share the key part of the oil and petroleum industry of UK (see those firms highlighted in Table 1, Appendix). 2.2 Collusive behaviour in the industry Collusive behaviour reflects the use of practices that are opposed to market ethics or to the law. In the oil and petroleum industry of UK much(prenominal) practices may have occurred but have not clearly reported or identified. However, there are signs that indicate the existence of such practices. For example, in a report published by the Department of Energy and Climate Change of UK (2012) it is explained that the production of oil in UK has reached up to now the 40 billion barrels even if the potential for 20 more billion barrels existed (Department of Energy and Climate Change UK 2012).