BP Energy Economics Report 2019 “The Dual Challenge: More Energy with Fewer Emissions”

Figure 1. Specter Dale, as a Group Chief Economist of BP, presented the BP report to the audience.

British petroleum or known as BP, regularly publish BP Energy Economics Report to explore the forces shaping the energy demand and supply as well as the uncertainties surrounding the energy sector worldwide. BP was presented their most updated report to Indonesia’s stakeholders at Bimasena Lobby Longue on October 16, 2019.

The event was opened by Michael Sumarijanto as the Vice Chairman of Bimasena – The Mines and Energy Society. Then, there was a brief introduction to the BP Energy and Economics Reports from Moektianto  Soeryowibowo as the Head of Country BP Indonesia. Spencer Dale as the Group Chief Economist of BP stated that this report aims to help stakeholders in shaping the long term strategy by understanding the uncertainty rather than predicting the future. Currently, the energy transitions are happening especially through the demand side. The analysis of the energy demand side can be classified into three categories, (1) from the end-user sector perspectives, (2) region’s perspectives, and (3) type of fuel perspectives. BP report shows that in developing countries the energy tends to increases faster than the developed countries. This energy consumption growth is happened due to the increases in middle-class citizens.

In the type of fuel perspective, rapid growth will mainly occur in natural gas and renewable energy. LNG is predicted to be an important tool in transforming the natural gas market. LNG will make the natural gas market to be more competitive by allowing an integrated market. Furthermore, the BP data also shows that wind and solar energy will experience the fastest growth among renewable energy types.

The next speaker, Ari Soemarmo, as a member of Bimasena Energy Executive highlighted his concern regarding the need to rapidly decrease the CO2 emission. COP21 cannot be solved only by the government, and it takes society to be actively involved in the implementations.

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