BP (BP.L) has decided to end the publication of the Statistical Review of World Energy after more than 70 years and will pass the benchmark report into the hands of the Energy Institute, an industry body, they said on Tuesday.
The Statistical Review has been a go-to resource for the wider energy sector since it was first published in April 1952, providing detailed data on global oil, gas and coal production and consumption.
The report has in recent years, under Chief Economist Spencer Dale, expanded to include data on renewable energy and minerals used for batteries.
BP decided to hand over the publication of the report to the Energy Institute (EI) to free up time and resources for Dale's team to focus on Chief Executive Bernard Looney's efforts to shift the oil and gas company towards renewables and low-carbon energy, a company spokesperson said.
Reuters first reported on BP's internal review of the report's future last November.
"The report plays into our role as a trusted and neutral player helping the world navigate the energy transition," EI Chief Executive Officer Nick Wayth told Reuters.
BP will support the new report, while accounting firm KPMG and consultancy Kearney have become EI partners and will also help to fund the publication.
Data compilation for the report will continue to be undertaken by the Centre for Energy Economics Research and Policy at Heriot-Watt University.
