DEFINITION of 'Institute Of Petroleum - IP'
The Institute of Petroleum (IP), based in the United Kingdom, was a professional organization dedicated to those working in and studying the oil and gas industry. In 2003 the IP merged with the Institute of Energy to form the Energy Institute. The focus of the Energy Institute includes oil and gas, as well as nuclear and alternative forms of energy.
BREAKING DOWN 'Institute Of Petroleum - IP'
The formation of the Energy Institute created the leading chartered membership body in the world for those people in the energy field. The Energy Institute is based in London, England, and as of 2010 has over 14,000 members in over 100 countries.