A university in Scotland’s capital has been awarded £1.25million in funding to help set up a new Centre for Energy Economics Research and Policy by oil major BP.
The centre, based at Heriot Watt University, will be involved in providing detailed and statistical analytical support for BP’s Statistical Review of World Energy and its annual Energy Outlook.
Academics will help support BP’s economics team to provide and objective snapshot of the global energy market as well as historical data to provide contract and longer-term research on energy economics and markets.
Since 1952, BP has published an annual Statistical Review of World Energy.
Professor 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.
Professor Stow said: “Heriot-Watt 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.”