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June 28, 2004: BP Releases World Energy Review

June 28, 2004
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LONDON - BP has released its "Statistical Review of World Energy 2004," which reports that, at current rates of production, the world's proved reserves of oil are sufficient to last for 40 years, although nearly 77 percent of those reserves are located in OPEC countries.

According to BP, the proved reserves of natural gas are sufficient to last for 67 years at current rates of production, with the largest reserves in the countries of the former Soviet Union. Proved reserves of coal are sufficient to last 192 years at current production rates, with most reserves in North America, the Asia Pacific region, and Europe and Eurasia.

World energy use increased 2.9 percent in 2003, with the strongest growth (6.3 percent) in the Asia Pacific region. Among fossil fuels, coal grew fastest in 2003, with an increase of 6.9 percent, largely due to a reported increase of more than 15 percent in China. Chinese oil demand has also doubled over the past 10 years, leading BP's chief executive, Lord Browne of Madingley, to conclude in his foreword that China "will be a major influence on the world energy scene from now on."

The report notes that world geothermal capacity was just shy of 6,000 megawatts in 2000 and that wind power capacity has reached 40,000 megawatts worldwide, "signaling wind's emergence as a mainstream energy source." The report also notes that solar photovoltaic capacity has increased more than tenfold over the last decade. World consumption of large hydroelectric power held nearly steady in 2003, increasing by just 0.4 percent.

For more information, visit www.bp.com/subsection.do?categoryId=95&contentId=2006480.

Publication date: 06/28/2004

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