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SUMMARY

The company contributed $1.7bn to Norway's GDP alone, equivalent to 0.35% of the total.

By Joseph Murphy

POSTED IN:

Europe Economy EU

Neptune Energy's activities contributed $3.3bn in gross value added (GVA) for European economies last year, the company reported on March 22, citing an economic impact analysis by Oxford Economies.

This was up from $2.1bn in 2020, with the growth primarily the result of increased earnings, which led to more taxes being paid. Neptune also contributed over 9,700 jobs, according to the analysis.

Neptune contributed $1.7bn to Norway's gross domestic product (GDP), equivalent to 0.35% of the total, $616mn to Dutch GDP, $536mn to German GDP and $512mn to UK GDP.

Neptune added it had also contributed $478mn in GVA in Indonesia, after evaluating its economic impact there for the first time.

"The research demonstrates the important contribution Neptune makes to the communities where we operate, not only directly but also throughout the supply chain with more than $1bn spend in 2021, supporting the post-pandemic recovery of local and national economies," Neptune CEO Pete Jones said in a statement.

He also stressed Neptune's role in contributing to European energy security.