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BP - Statistical Review of World Energy Report 2010

BP - Statistical Review of World Energy Report 2010

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Published by: thebigpicturecoil on Jun 22, 2010
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What’s inside?
BP Statistical Review
of World Energy
June 2010
1 Introduction
Group chief executive’s introduction
2009 in review
6 Oil
16 Prices
17 Stocks
18 Refi ning
20 Trade movements
22 Natural gas
22 Reserves
24 Production
27 Consumption
30 Trade movements
31 Prices
32 Coal
32 Reserves
32 Prices
34 Production
35 Consumption
36 Nuclear energy
36 Consumption
38 Hydroelectricity
38 Consumption
40 Primary energy
40 Consumption
41 Consumption by fuel
43 R/P ratios
44 Appendices
44 Approximate conversion factors
44 Defi nitions
45 More information
BP Statistical Review of World Energy June 2010
About this Review
The data series for proved oil and gas reserves in BP Statistical Review of World
Energy June 2010 does not necessarily meet the defi nitions, guidelines and

practices used for determining proved reserves at company level, for instance,
under UK accounting rules contained in the Statement of Recommended
Practice, ‘Accounting for Oil and Gas Exploration, Development, Production and
Decommissioning Activities’ (UK SORP) or as published by the US Securities and
Exchange Commission, nor does it necessarily represent BP’s view of proved
reserves by country. Rather, the data series has been compiled using a
combination of primary official sources and third-party data.

Find out more online
BP Statistical Review of World Energy June 2010 is available

online atw w w.b p.c o m /statisti c alreview. The website contains
all the tables and charts found in the latest printed edition,
plus a number of extras, including:
Historical data from 1965 for many sections.
Additional data for natural gas, coal, hydroelectricity,

nuclear energy, electricity and renewables.

An energy charting tool, where you can view predetermined reports or chart specifi c data according to energy type, region and year.

An oil, natural gas and LNG conversion calculator.

PDF versions and PowerPoint slide packs of the
charts, maps and graphs, plus an Excel workbook
of the historical data.

For 59 years, the BP Statistical Review
of World Energy has provided high-quality,
objective and globally consistent data on
world energy markets. The Review is
one of the most widely respected and
authoritative publications in the fi eld of
energy economics, used for reference by
the media, academia, world governments
and energy companies. A new edition is
published every June.

Guide to navigation
BP Statistical Review of World Energy June 2010 uses the

following icons and colour coding to help you navigate your
way quickly and easily through the document. Icons and
colours represent various energy types so you can see,
at a glance, which section you are in.

Natural gas
Nuclear energy
Primary energy
For approximate conversion factors
and defi nitions see page 44.
View or order this Review at
About BP
BP is one of the world’s largest oil and gas companies,
serving millions of customers in more than 90 countries

across six continents. Our business segments are Exploration and Production, and Refi ning and Marketing. Through these business segments, we provide fuel for transportation,

retail brands and energy for heat and light.
BP Statistical Review of World Energy June 2010
Group chief
executive’s introduction
Energy in 2009 –
from recession
to recovery
Tony Hayward Group Chief Executive
June 2010
Welcome to the 2010 edition of the BP Statistical Review of
World Energy.

Before addressing some of the themes that emerge from this
Review, I would like to devote a few words to the tragic accident in
April involving the Deepwater Horizon drilling rig and the subsequent
release of oil into the Gulf of Mexico. As of this writing, BP is working
closely with governments and private sector experts to stop the fl ow
of oil and to minimize the damage to the environment. We are throwing
everything we have at mitigating this disaster. Our thoughts are with
those who have lost loved ones, and those whose livelihoods have
been disrupted. We are determined to set right what has gone wrong
and to learn from the tragedy. Eventually, we will succeed, and
eventually, this disaster will lead to a safer and better energy world.

It is the world of energy that is described by the Statistical
Review of World Energy. Energy developments in 2009 were
dominated by a global recession and, later in the year, a tentative
recovery. For the year as a whole, the global economy contracted
for the fi rst time since the Second World War, and global energy
consumption fell as well. We can’t know how durable this recovery
will be. But the data shows changes in the pattern of global energy
consumption that are likely to indicate long-term change.

Let me highlight a few insights from the data assembled in this Review.

First, global primary energy consumption fell in 2009, but like the
broader economic downturn, changes varied greatly across regions.
In the OECD, energy consumption fell faster than GDP – the sharpest
decline in energy consumption on record. The OECD consumed less
primary energy last year than 10 years ago, although GDP since then
has risen by 18%. The developing world outside the Former Soviet
Union, in contrast, saw energy consumption growing faster than
GDP. Globally, the energy intensity of economic activity rose last
year, fostered by slower growth and by many energy-intensive fi scal
stimulus programmes – but against the longer-term trend.

With consumption falling, energy prices declined in 2009,
though again the pattern varied by fuel. Oil prices began the year
below $40 per barrel, and increased steadily during the year as OPEC
production cuts were greater than the decline in consumption. Natural
gas in competitive markets fell sharply and remained weak through
most of the year due to falling consumption, continued development
of unconventional resources in the US and rising LNG supply. And coal
prices fell and then started to recover, while displaying regional variety.

The recession and now, hopefully, the recovery, has taught us
how interlinked the world really is. Let me name just two of the data
highlights of this year’s Review that symbolize the challenges ahead for
all of us. China became a large-scale coal importer, which prevented
global coal consumption from falling; and, given the OPEC cuts, the
world’s largest increase in oil production by far came from the US,
mainly from the Gulf of Mexico. This is not an excuse for anything,
but a piece of the reality in which we all live.

Clarity of focus on objective data has been a hallmark of BP’s
Statistical Review – in good times and bad – for 59 years. As the
world recovers from recession and turns its attention toward enduring
matters of economic development, energy security and climate
change, I hope you will fi nd this Review to be a useful source of
objective information and perspective.

I would like to thank BP’s economics team and all those
around the world who have been involved in preparing this Review –
in particular our government contacts in many countries who report
the offi cial data.

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