BP and the University of Oxford announced today the endowment
of the BP Chair in Economics and the foundation of the Oxford
Centre for the Analysis of Resource-Rich Economies

With BP funding of about $14 million over ten years, this will
become a global centre of excellence, headed by the BP Professor
of Economics, in the analysis of resource-rich economies. As
such it will:

- undertake original and objective research;
- act as the core of a global network;
- endeavour to share best practice, including in countries that
host large natural resource investments.

BP Group Chief Executive, Lord Browne of Madingley, said: "The
effective management of the wealth created through the development of
natural resources is of crucial interest to BP. We are delighted to be
associated with this new Centre which will apply the very
best independent thinking to the topic. We believe the Centre
will be of enormous value to all the resource rich economies
of the world."

This initiative was born out of the recognition by BP of the
opportunities natural resources provide for economic growth
and development, but also recognition of the challenges of ensuring
that
the benefits of natural resource wealth lead to sustained
economic growth and development.

The Vice Chancellor of Oxford University, Professor John Hood,
said: "The Centre is an exciting development for the University
and especially Oxford Economics. We are delighted at BP?s generosity in
funding both the Chair and the Centre, and look forward to
innovative and influential findings from its research."

BP Group Chief Economist, Professor Peter Davies, added: "There
is a broad consensus among economists and other social scientists that
there exists a "resource curse," but the reasons for its
existence are many and varied. We believe natural resources
can and should be good for growth and development when well
managed - take, for example, Norway, Botswana, Malaysia, Chile
and the development of the United States, Canada and Australia."


"We hope that the research of this Centre will improve global
understanding of the impact of an endowment of natural resource
wealth, and further develop and share widely global best practise in
resource revenue management," Davies added.

Chair of the Department of Economics, Professor David Hendry,
added: "Resource economics is a major field of interest for
the Department, and of considerable world importance. Thus,
a Centre dedicated to understanding the factors influencing
the success or failure of resource economies should play an
invaluable role. We are pleased to act as the host institution
for the Oxford Centre for the Analysis of Resource-Rich Economies."


Notes to editors:
BP has a number of university partnership agreements around
the world. These include close ties with Cambridge University
and Imperial College in the UK, Princeton, University of California -
Berkeley and California Institute of Technology in the US,
the Chinese Academy of Sciences.
Oxford University Department of Economics has more than 50 faculty who
play a major role nationally and internationally, making
distinguished contributions to teaching, research and economic
policy. Five have been knighted, 14 are Fellows of the British
Academy and 12 are Fellows of Econometric Society: six previous
faculty are Nobel Laureates. The Oxford Centre for the Analysis
of Resource-Rich Economies will be the third major research
centre hosted by the Department.

For more information about current research follow the link
below.
 http://mr303.bsysmail.com/303/www/r?1000007815.427.3.C3hC8rM7es1i7R

Further Information:
BP Press Office: 020 7496 4076
University of Oxford press office: 01865 280528.