BP's exploration business promotes Kerryman Bernard Looney in shake-up

Kerry native Bernard Looney has become one of the youngest ever heads of BP’s exploration business after a major shake-up of its management team.

Mr Looney, 45, has been with the oil and gas giant since 1991, when he joined as a drilling engineer after graduating with an electrical engineering degree from University College Dublin.

A native of Ashgrove, near Kenmare in south Kerry, Mr Looney has held roles all across the world in his time with BP including in the North Sea, Vietnam, and the Gulf of Mexico.

He takes over as chief executive of BP’s upstream business — its exploration arm — having been chief operating officer of the segment since 2013 where his responsibilities included drilling, operations, engineering, procurement, and supply chain management.

Mr Looney takes over from Lamar McKay, who has taken up the position of deputy group chief executive as BP looks to restructure its upper management team in the midst of major losses.

“These changes simplify, focus, and better align accountabilities within our experienced and versatile senior team,” said CEO Bob Dudley.

“In particular, Lamar’s new role will allow us to further concentrate our attention on BP’s highest priorities through this challenging time for our whole industry.

First Minister Nicola Sturgeon during a visit to BP headquarters in Aberdeen, Scotland.

“I welcome Lamar and Bernard to their important new roles and look forward to working even more closely with them in future.

"And I would like to thank Katrina [Landis] for her leadership and the success she delivered throughout all the senior roles she has held at BP.”

Ms Landis, executive vice president of corporate business activities, is to leave the company at the beginning of May after 24 years with BP.

The company’s management shake-up comes as BP posted its worst annual loss in more than 20 years and announced it was to cut thousands of jobs as oil prices continue to plummet.

BP is to axe 7,000 jobs across its operations this year as it looks to readjust to the lower cost of oil which has fallen by 70% since midway through 2014.

Brent oil prices have averaged approximately $33 per barrel so far this year.

BP’s $6.5bn (€5.95bn) loss was recorded on the back of net income of $196m — far below estimates of $730m.

The company’s 2015 losses mark its lowest financial ebb in decades and a worse financial performance than its 2010 results which included the $55bn in criminal and civil penalties it incurred for the Gulf of Mexico oil spill.

The announcement that it is to shrink its workforce by laying off almost 9% of its employees comes as the sector looks set to cut spending for two consecutive decades.