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BP Statistical Review of World Energy Full Report 2009

BP Statistical Review of World Energy Full Report 2009

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BP Statistical Review of World Energy June 2009
About this Review
Guide to navigation
BP Statistical Review of World Energy June 2009 
 uses the following icons and colour coding to helpyou navigate your way quickly and easily throughthe document. Icons and colours represent variousenergy types so you can see, at a glance, whichsection you are in.
For 58 years, the BP Statistical Reviewof World Energy has provided high-quality,objective and globally consistent data onworld energy markets. The Review isone of the most widely respected andauthoritative publications in the field ofenergy economics, used for reference bythe media, academia, world governmentsand energy companies. A new edition ispublished every June.
Find out more online
BP Statistical Review of World Energy June 2009 
is availableonline at
www.bp.com/statisticalreview 
. The website containsall 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 viewpredetermined reports or chart specific dataaccording to energy type, region and year.An oil, natural gas and LNG conversion calculator.PDF versions and PowerPoint slide packs of thecharts, maps and graphs, plus an Excel workbookof the historical data.
About BP
BP is one of the world’s largest oil and gas companies,serving millions of customers in more than 90 countriesacross six continents. Our business segments are Explorationand Production, and Refining and Marketing. Through thesebusiness segments, we provide fuel for transportation,retail brands and energy for heat and light.
View or order thisReview at
Approximate conversionfactors and definitions
See page 44.The data series for proved oil and gas reserves in
BP Statistical Review of World Energy June 2009 
does not necessarily meet the definitions, guidelines andpractices used for determining proved reserves at company level, for instance,under UK accounting rules contained in the Statement of RecommendedPractice, ‘Accounting for Oil and Gas Exploration, Development, Production andDecommissioning Activities’ (UK SORP) or as published by the US Securities andExchange Commission, nor does it necessarily represent BP’s view of provedreserves by country. Rather, the data series has been compiled using acombination of primary official sources and third-party data.
 
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BP Statistical Review of World Energy June 2009
Group chiefexecutive’s introduction
Energy in 2008followed theeconomicheadlines
Tony Hayward
Group Chief ExecutiveJune 2009Welcome to the 2009 edition of the BP Statistical Reviewof World Energy.2008 was a year of truly unprecedenteddevelopments, for the world economy and in energymarkets. Prices for all forms of traded energy rose steeply,some reaching record highs, and then fell dramatically.Producers and consumers alike are wondering whereglobal energy markets are headed, and how to managethe myriad issues around energy, including price volatility,security and climate change.In challenging times such as these, clear andobjective perspectives are needed, and this is what BP’sStatistical Review has offered for 58 years. I hope youwill find this Review to be a useful source of informationon today’s energy situation – and a source of insight inthinking about tomorrow’s.As ever, the world economy is the key driver of energyconsumption. It is easy to forget that until the middleof 2008, the economy continued to grow. In retrospect,last year represented the end of one of the strongestperiods of economic growth ever recorded. However,the economy had already started to slow, most likelynot unrelated to the high price of energy, and the financialcrisis in September then triggered a sharp recession –with critical implications for global energy consumption.Energy prices followed these economic headlines,making for a year of very different parts. Oil pricesincreased steadily early in the year, exceeding $140 perbarrel in early July – a record even on an inflation-adjustedbasis. But then prices collapsed, falling by more than 70%by the end of the year. Market prices for natural gas andcoal followed similar trajectories. Over the whole of 2008,average prices for all forms of primary energy increasedsignificantly, with annual oil prices rising for a seventhconsecutive year, a first in the nearly 150-year history ofthe oil industry.Primary energy consumption growth slowed in2008, as did growth for each of the fossil fuels. All thenet growth in energy consumption came from the rapidlyindustrializing non-OECD economies, with China aloneaccounting for nearly three-quarters of global growth. Forthe first time, non-OECD energy consumption surpassedOECD consumption. For a sixth consecutive year, coalwas the fastest-growing fuel – with obvious implicationsfor global CO
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emissions.The use of renewable fuels again rose rapidly,often benefitting from government support. Althoughrenewable energy continues to play only a small role inthe world’s energy mix, the share is rising rapidly insome countries and there are the beginnings of a materialimpact. Data on renewable energy – ethanol productionas well as wind, solar and geothermal power generationcapacity – may be found at
www.bp.com/statisticalreview 
.
 
In 2008 the world was no longer supply-constrained, as production growth exceeded that ofconsumption for all fossil fuels, particularly later in theyear. Expanded OPEC production drove increases inworld oil supply, even as consumption declined. Thecost-effective development of unconventional gas,enabled by technological innovation, drove the largest-ever increase in US natural gas supply, and for coal,strong growth in China was once again a key driver.Seen in this context, fundamental market forces helpto explain the downward pressure seen on energyprices later in the year.Our data confirms that the world has enoughproved reserves of oil, natural gas and coal to meetthe world’s needs for decades to come. The challengesthe world faces in growing supplies to meet futuredemand are not below ground, they are above ground.They are human, not geological.I would like to thank all those around the worldwho have been involved in preparing this Review – inparticular our government contacts in many countrieswho helped to compile the data.

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