British oil company BP has decided to end publication of the Statistical Review of World Energy, the most comprehensive and objective collection and analysis of global energy production, consumption and emissions data, free of charge for users.
After more than 70 years, the opening of International Energy Week in London – today, Tuesday (February 28, 2023) – witnessed the announcement that the Energy Institute assumed the task of publishing the annual report.
British oil company BP stated that this year’s report (2023) will be published in June, and will be renamed the Energy Institute’s Global Energy Statistical Review, according to a press release seen by the specialized energy platform.
The Energy Institute is the accredited professional association for people working in the energy sector.
The Statistical Review of World Energy
The Statistical Review has been an essential resource for the broader energy industry since it was first published in April 1952; It provided detailed data on world oil, gas and coal production and consumption.
The report has expanded in recent years, under the direction of chief economist Spencer Dale, to include data on renewable energy and metals used in batteries.
The company decided to turn over publication of the report to the Energy Institute to save time and resources for the Dell team, in a move to focus CEO Bernard Looney’s efforts to shift the oil and gas company toward renewables and low-carbon energy, a company spokesman told Reuters.
BP will support the new report, while accounting firm KPMG and consulting firm Kearney have become partners of the Energy Institute and will also help fund publication.
The Center for Energy Economics Research and Policy at Heriot-Watt University will continue to compile data for the report.
In addition, it will establish an advisory board that brings together thought leaders and experts in the energy field to provide strategic oversight for the report.
International reputation..and free information
BP’s chief economist, Spencer Dale, commented: “I am very proud of the Statistical Review of World Energy, which BP has compiled and produced for over 70 years.”
He stressed that the Statistical Review “has a global reputation for providing objective, comprehensive, and timely data on all aspects of the energy system, and is widely used by industry, governments and societies around the world to improve their understanding of the energy system and keep track of the latest developments.”
He also indicated the commitment of the British oil company BP to support the continuation of this vital source of information, which users can access for free, according to statements seen by the specialized energy platform.
“The Statistical Review of World Energy is a gem,” said Juliet Davenport, President of the Energy Institute. “It always serves a purpose beyond BP, benefitting professionals in our industry, policymakers, academics and students.”
“We are delighted to welcome the Statistical Review to its new home at the Institute of Energy, as it has a long-term future of independent, free access to vital data and insights that industry, the workforce, and the wider community need as we accelerate the energy transition.”
Energy Transition at British BP
In another context, the CEO of the British oil company BP, Bernard Looney, said that the energy transition to reach carbon neutrality presents a range of new business opportunities for oil and gas companies.
He stated – during his participation in the International Energy Week conference held in London – that “carbon neutrality is a new era of opportunity for companies such as the British Oil Company.
He cited the company’s growing business units, which are in line with the transformation, including biofuel refining and electric vehicle charging, as new growth drivers for the company’s profitability.
He also pointed out that the oil and gas giant paid a tax of $15 billion last year (2022), the highest global tax bill in its 113-year history, in light of increasing calls for an extended gains tax, according to the British newspaper, The Guardian.
MPs and activists called for an unexpected tightening of the tax on oil and gas companies in the North Sea, after British oil companies BP and Shell posted record profits in recent weeks.
The following graph – prepared by the specialized energy platform – shows the net profits of major oil companies in 2022:
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