BP may stop publishing its annual Statistical Review of World Energy as it moves increasingly towards renewables, Reuters' Ron Bousso reported, citing the company.
BP began publishing the annual report in 1952, and since then, it has been one of the most comprehensive sources of up-to-date information about the energy industry and the world's energy systems.
In recent years, Bousso noted, the Statistical Review of World Energy has been expanded to include low-carbon energy sources and battery minerals information. Yet despite this expansion into alternative energy, according to some in the company, the report is seen as "detrimental to the company's new direction."
"We're looking at options for publishing the annual Statistical Review of World Energy, but as yet we've taken no decision," a company spokesman told Reuters.
"The world of energy is changing fast and becoming ever more complex, and our energy and economics team are focused on understanding different elements of the energy transition and their implications for BP."
Still, the spokesman noted that "the Review is a valuable source of objective and comprehensive data, and ensuring this continues is an important consideration."
According to another company source that Reuters did not name, however, "Put simply, it (Statistical Review) is bad PR."
The Reuters report noted that in its efforts to distance itself from what is still its core business, BP had distanced itself from several oil and gas business associations over the past few years.
Even so, this core business continues to be quite profitable, especially this year when the oil and gas industry has enjoyed a veritable windfall thanks to the rally in oil and gas prices.
BP booked a profit of $8.2 billion for the third quarter-its most recent financial result-which was a twofold increase on the year. Thanks to this development, the company said it would boost its share buyback program by $2.5 billion.
By Charles Kennedy for Oilprice.com
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Comments
The reason BP is giving for its plans to stop publishing its annual Statistical Review of World Energy is ridiculous and irrational. Even as it moves increasingly towards renewables, it still needs figures about fossil fuels so as to measure the progress and contribution of renewables to global energy needs.
If BP thinks that by deleting any information about fossil fuels will help the cause of renewables, then it is committing a serious error of judgement. But then it isn’t the first time that BP made a major error of judgement. In a ploy to greenwash itself and curry favour with environmental activists, the CEO of BP Bernard Looney said in 2020 that peak oil demand is now behind us but he was later forced to admit that we have yet to reach peak oil demand.
How could publishing any information about other energy sources like fossil fuels and other energy resources be seen as detrimental to the company’s new direction? This is no more than a stupid greenwashing ploy by BP to distance itself from its core business, namely oil and gas.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert