BP downbeat on Rosneft
BP CHIEF executive Bob Dudley yesterday gave a downbeat view of his firm’s chances of reviving a deal with Russia’s Rosneft, as the oil giant revealed its annual global review of world energy.
“Whether that project goes forward or not, it’s very quiet. This is part of a big portfolio of exploration pursuit. Sometimes it’s successful, sometimes it’s not,” Bob Dudley said yesterday at the launch of the review, making a fresh deal with Rosneft to explore its blocks in the Arctic seem unlikely.
Dudley said the firm was “moving on”, with explorations in Azerbaijan and Brazil progressing.
BP painted a more positive picture of the global oil reserves, claiming that the world found more new oil than it used up in 2010.
Its research said global proven oil reserves rose by 6bn barrels to 1.383 trillion barrels at the end of 2010.
Oil output rose to 82m barrels per day (bpd), or an annual total of 29.9bn barrels, while world oil use recovered, after two years of decline, by 3.1 per cent to 87.4m barrels per day in 2010.
But across all energy forms, global consumption rose 5.6 per cent in 2010, the biggest increase in percentage terms since 1973.
Coal consumption jumped 7.6 per cent, while nuclear power rose two per cent.
“All forms of energy grew strongly [last year], with growth in fossil fuels suggesting that global CO2 emissions from energy use grew at the fastest rate since 1969,” the review said.
Chinese energy consumption grew by a massive 11.2 per cent, as the country surpassed the US as the world’s largest energy consumer.