The oil price is struggling to stay above US$30/barrel, little more than a quarter of the price 18 months ago. Recent forecasts for the UK industry have become much gloomier as a result. As recently as three months ago, industry association Oil & Gas UK predicted 79 platforms would close by 2024. Several major consultancies have since suggested that it might be more like twice that. So how pessimistic is it reasonable to be?
For the ninth consecutive year, Heriot-Watt University has collaborated with BP plc in the preparation of the data for the company’s annual BP Statistical Review of World Energy. Researchers within the Centre for Energy Economics Research and Policy (CEERP) were involved in providing detailed statistical and analytical support for this year’s Statistical Review. CEERP is a newly established centre that will see extensive collaboration between Heriot-Watt University and BP.
The Statistical Review, a highly esteemed document consulted by energy experts, the energy industry, academics and journalists from around the world, tells the story – and history – of world energy through the numbers behind the energy market headlines. The Statistical Review is available in print and online at http://www.bp.com/statisticalreview.
The 2015 edition of the Statistical Review was launched on Wednesday 10 June at BP headquarters in London. In his speech at the event, BP’s Chief Economist Spencer Dale thanked the team from Heriot-Watt University for their “invaluable help and support.”
The Statistical Review will see its Scottish launch on Thursday 2 July in the Hawthornden Lecture Theatre (National Gallery) in Edinburgh, which will be presented by the Chief Economist, Spencer Dale.
Heriot-Watt University is setting up a new Centre for Energy Economics Research and Policy with funding of £1.25m over three years from BP.
Heriot-Watt academics will support BP’s economics team to provide an objective snapshot of the global energy market, together with historical data to provide context and longer-term research on energy economics and markets.
BP has published its annual Statistical Review of World Energy since 1952. The Review is one of the most widely respected and authoritative publications in the field of energy economics, used for reference by the media, academia, world governments, and energy companies. Heriot-Watt University has worked on its production since 2007.
BP’s Energy Outlook is a highly anticipated industry event that reflects the company’s best effort to describe a “most likely” trajectory of the global energy system over the next 20 years, based on its views of likely economic and population growth, as well as developments in policy and technology. This year’s Energy Outlook 2035 was launched in London on February 17.
Professor Dorrik Stow, Head of Heriot-Watt University’s Institute of Petroleum Engineering will head up the new centre along with Professor of Economics, Mark Schaffer.
Professor Stow said, “Heriot-Watt is well known for its strong industry links which result in innovative research and enhanced opportunities for students. This Centre will be incorporated into the University’s new £20m Lyell Centre which will be the Scottish headquarters for the British Geological Survey (BGS) as well as a major joint BGS/Heriot-Watt University research centre for geological, petroleum and marine sciences.”
First published on: Heriot-Watt News.