Heriot-Watt University is setting up a new Centre for Energy Economics Research and Policy in Edinburgh with funding of £1.25 million over three years from BP.
The Centre will be involved primarily in providing the detailed statistical and analytical support for BP’s Statistical Review of World Energy and its annual Energy Outlook.
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.
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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.
Prof. 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.
Prof. Stow said, “Heriot-Watt University 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.”
Spencer Dale, Group Chief Economist at BP, said, “The establishment of the Centre for Energy Economics Research and Policy marks the continuation of a highly valued partnership between BP and Heriot-Watt University,
“Accurate and authoritative data sit at the heart of all our analysis and we welcome the considerable support that Professor Stow and his team provide.”
Trevor Garlick, Regional President, BP North Sea, said, “We are proud of our long standing relationship with Heriot-Watt University, which includes our partnership in the Centre for Doctoral Training in Oil and Gas and our recruitment of skilled graduates. We look forward to continuing this relationship and working with Professor Stow and his team.”