Oil major BP lines up Co Kerry native as next boss

Bernard Looney has been lined up by oil major BP as its next boss, marking the second time this week that an Irish executive has been named as the next head of a British multinational.

BP said Mr Looney - who hails from Co Kerry and was educated at UCD - will succeed long-standing chief executive Bob Dudley when he retires next year. Mr Dudley took over BP and returned it to growth following the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the largest such disaster in US history.

Mr Looney's appointment follows on from British supermarket giant Tesco naming Walgreens Boots Alliance senior executive Ken Murphy - who hails from Cork - its next chief executive, with him set to take over when outgoing boss Dave Lewis leaves next summer.

As CEO, Mr Looney will be charged with continuing to adapt BP to the transition to lower-carbon energy as pressure from investors grows to meet targets under the 2015 Paris Climate Agreement.

Mr Looney took charge of BP’s oil and gas production, or upstream operations, in 2016 as the sector grappled with the aftermath of the 2014 collapse in oil prices.

An energetic management style was quickly felt as he spearheaded BP’s drive to improve performance through cost cutting and digitalisation.

He has led BP through some of its fastest growth in oil and gas production, as output has risen by around 20% since 2016 with the launch of more than 20 major projects around the world and the acquisition of BHP’s US shale assets this year for $10.5bn (€9.6bn) - BP’s biggest deal in three decades.

“Bernard is a terrific choice to lead the company next,” Mr Dudley, who turned 64 last month, said.

He knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working.

"I have no doubt that he will thoughtfully lead BP through the transition to a low-carbon future.” he said.

As Mr Looney takes over, climate is bound to be central.

“Given the drive for digital solutions and the work on reducing carbon emissions it is likely that the appointment of Mr Looney as CEO may accelerate the journey that BP is on regarding the energy transition,” Barclays analyst Lydia Rainforth said.

-additional reporting Reuters