BP Chief Executive Officer Bob Dudley said the energy sector was confronted with not only global shifts in energy production but also in demand.
The company said in its global energy outlook report the United States last year recorded the highest increase in oil and natural gas production among world producers. China, meanwhile, was the largest energy consumer with coal use leading among major fossil fuel categories.
"For those of us in the energy industry, the challenges are about how we respond to the big shifts we are seeing -- a shift in demand towards emerging economies and a shift in supply towards a greater diversity of energy sources, including unconventional," Dudley said in a statement.
Unconventionals refer to resources like shale natural gas and tight oil.
BP said production in the Middle East was complicated by disruptions in war-torn parts of Africa but offset by record production levels from Saudi Arabia, the United Arab Emirates and Qatar.
Dudley said Wednesday there are plenty of energy resources on hand to meet global demand, which the Organization of Petroleum Exporting Countries said in a June report should increase this year.
"Our challenge as an industry is to make the best choices about where to invest," he said.