LONDON, Aug. 21 (Xinhua) -- Total investment in Britain's' oil and gas industry is expected to reach 13.5 billion pounds (about 21 billion US dollars) this year, hitting an all-time high, said the industry group Oil & Gas UK in its annual economic report issued on Wednesday.
The group, representing the offshore operators in British waters, described the renewed commitment from the Government and industry to extract oil and gas from Britain's Continental Shelf as successful in promoting the investment
"The recent sharpening of focus within Government and industry on the business environment required to grow that contribution in future has given investors the confidence to develop new fields and redevelop older fields, so we are now seeing the highest-ever investment," said the group's chief executive Malcolm Webb.
"This is heightening the business opportunities for the UK's world-renowned supply chain and is boosting employment to 450,000 jobs across Britain."
However, the report predicted further falls of British oil and gas output, suggesting at least 8.5 percent decrease this year.
British oil and gas output dropped 19 percent in 2011 and further down 14 percent last year.
According to Webb, Britain's offshore oil and gas industry generates almost 40 billion pounds a year for the economy by producing oil and gas worth 32 billion pounds and by exporting oilfield technology and expertise worth 7 billion pounds.
The country's supply chain now generates sales of 27 billion pounds a year, including 7 billion pounds in exports.
The report said that some 15 new fields, with combined reserves of 470 million barrels of oil equivalent (boe), will come on stream in 2013, compared with only nine new fields with total reserves of 146 million boe in 2012.
