Bernard Looney takes controversial role at Abu Dhabi's £63bn energy group
- Bernard Looney joined Abu Dhabi's £63 billion energy investment group XRG, marking his second major appointment in two weeks.
- Prior to his role at XRG, he became chairman of US AI group Prometheus Hyperscale in November 2023.
- Looney's extensive experience in the energy sector is expected to support XRG's focus on sustainable energy solutions.
In November 2023, Bernard Looney, the former chief executive of BP, accepted a position as chairman of Prometheus Hyperscale, a US AI group. Just a few weeks later, he joined the board of XRG, an energy investment group in Abu Dhabi valued at approximately £63 billion. This marks a notable shift in Looney's professional journey following his departure from BP in September 2022 after admitting to misleading the company's board regarding personal relationships with colleagues. After leaving BP, Looney had remained largely out of the public eye until these recent appointments. XRG is affiliated with the Abu Dhabi National Oil Company (ADNOC) and is designed to focus on addressing the world's increasing energy demand through sustainable practices. Looney expressed his commitment to leveraging his extensive experience in the energy sector to help the group achieve its goals of sustainability. Amid global changes in the energy landscape, his leadership at XRG highlights an ongoing trend within the energy industry, emphasizing the importance of transitioning to sustainable energy sources. Looney's career at BP was characterized by a significant push towards renewable energy, reflecting a broader trend within the industry. However, BP has faced difficulties in executing its renewable strategy, notably with plans to spin off its offshore wind arm. This situation has led to criticism of the company's direction and its commitment to reducing reliance on fossil fuels. Despite these challenges, Looney's new role at XRG may offer him a platform to influence the energy transition more effectively. In summary, Bernard Looney's recent appointments indicate a strategic move towards sustainable energy solutions in the context of rapidly changing global energy demands. His previous experience as CEO of BP, coupled with his new leadership role at XRG, positions him as a key figure in navigating the complexities of energy transition in a world that increasingly prioritizes environmentally sustainable practices.