BP’s statistical review fails again to shine light on reserves

BP’s statistical review fails again to shine light on reserves

By staff writers
10 Jun 2010

BP’s latest Statistical Review of World Energy, published yesterday, continues the company’s track record of regurgitating questionable data from third-party sources about global oil reserves, said the campaign group Global Witness today.

“BP cannot have it both ways” said Global Witness Director, Charmian Gooch. “Their report states clearly that the data is derived from official and third party sources and that it does not necessarily represent what BP thinks about country reserves. And yet CEO Tony Hayward’s statement in the front of the Review seeks to assure the reader that it is a source of objective information.”

Global Witness’ concern relates to the Review’s tabulation of highly questionable and thus far undemonstrated reserve claims by Middle East OPEC countries.

These countries dramatically increased their claimed reserves during the mid to late 1980’s but have consistently refused to provide any substantiating evidence for the increase. Global Witness is concerned that following BP’s inadequate risk assessment in the Gulf of Mexico, they are now demonstrating comparable inadequacy with their risk assessment on reserves.

“At a time when the world is facing an imminent oil-supply crunch and becoming increasingly dependent on OPEC countries, not to mention high-cost and high risk off-shore ventures for its oil supply, BP seems to expect us to take these claimed reserves on trust. They are doing us a disservice, and by repeating these claims, classified as ‘proven’, they not only run a big risk for themselves, but they do so for the wider world as well.” said Gooch.

Global Witness is calling on BP to reproduce its table of oil reserves by country, using the full extent of its knowledge and in-house data about the status of reserves in each country.

BP is one of the companies in which the The Church of England has its largest shareholdings, the other two being HSBC and Shell.

[Ekk/2]

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