MOSCOW (MRC) -- BP has decided to end the publication of its statistical review of world energy after 70 years, said the company.
The task has now fallen to the industry body the Energy Institute, which kicks off IE Week in London today – and is the same organisation that BP UK country head Louise Kingham used to head up. BP’s statistical energy review was first published in 1952, providing key data on global oil, gas and coal consumption.
From this year onwards it will continue as The Energy Institute Statistical Review of World Energy. It was revealed last year that BP was considering ending the review because it didn’t fit in the firm’s strategic direction of boosting renewable energy investment. “Put it simply, it (Statistical Review) is bad PR,” one company source told Reuters in November.
The oil giant has decided to cut ties, officially, in order to free up more time of chief economist Spencer Dale and his team to serve that purpose of shifting towards renewables. That comes despite BP last month rolling back of a pledge to slash oil and gas output by 40% by 2030.
Mr Dale said: “BP is committed to supporting the continuation of this vital source of information, which is free for users to access. The Energy Institute, as the leading, independent, professional body for energy, is the perfect new custodian.
“BP will work closely with the Energy Institute to handover our role in producing the Statistical Review and will continue to support and champion its role in the future."
We remind, BP announced on 28 February that the company was set to launch a renewable hydrogen cluster in the Valencia region, HyVal, at its Castellon refinery where biofuel production would increase. BP is set to develop 2GW of electrolyser capacity at Castellon, which is forecast to be completed by 2030. Furthermore, BP said in a press release that biofuel production at the Castellon refinery would triple to 650,000 tonnes/year by the end of the decade with the hydrogen produced via electrolysis replacing its unabated hydrogen production currently located at the site.