BP chief executive Lord Browne said June 18 that nations should not be over-concerned about energy security in the face of unexpected world events. He added that despite the disruptions of last year the markets continued to operate and supplies of oil and gas were maintained. Launching the 51st edition of The BP Statistical Review of World Energy 2002 in London, Browne said: “If you analyze the data, you will see that the market sustained a secure flow of energy because there are diverse sources of supply. The U.S., for instance, imported 55 percent of its oil needs last year, but it did so from 60 different countries, no one of which accounted for more than 16 percent of the total. And that diversity can be sustained because there are now a number of major sources of supply coming on stream.” Browne said, “There is oil and gas from the deep water of the Gulf of Mexico and the Caspian and Russia, oil from Angola and gas from Indonesia and Trinidad. Those concerned about energy should concentrate their efforts on maintaining that diversity.”

Originally posted on Fleet Financials

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