Heriot-Watt University has said it is to set up a new Centre for Energy Economics and Policy.

The institution will receive funding of £1.25m, over three years, from BP for the venture. The Centre will be primarily involved with providing detailed statistical and analytical support for BP's Statistical Review of World Energy and its annual Energy Outlook.

Academics at the university will also support BP's economics team to provide an objective snapshot of the global energy market, together with historical data to provide context and longer-term research on energy economics and markets.

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Professor Dorrik Stow, Head of Heriot-Watt University's Institute of Petroleum Engineering, will lead the new centre alongside Mark Schaffer, Professor of Economics.

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."

(JP/MH)