Bernard Looney stakes his claim on $80 billion oil company board
- Bernard Looney, former BP chief executive, has been appointed to the board of XRG, an Abu Dhabi National Oil Company initiative.
- His appointment follows his abrupt resignation from BP due to undisclosed personal relationships with colleagues.
- This move marks Looney's return to the energy sector and aligns with Adnoc's diversification strategy.
In the United Arab Emirates, Bernard Looney, the former chief executive of BP, has made a significant career move by joining the board of XRG, an investment vehicle launched by the Abu Dhabi National Oil Company (Adnoc). His appointment to the board signifies his return to the energy sector after being compelled to resign from BP last year due to failure in disclosing personal relationships with colleagues. At the age of 54, Looney is attempting to rebuild his professional reputation as he becomes involved in an initiative designed to diversify Adnoc’s business, which has predominantly centered around hydrocarbons. XRG was established by Adnoc with an impressive enterprise value of $80 billion, reflecting the ambitious plans of the company under the leadership of Sultan Ahmed al-Jaber. This venture aims to expand into areas beyond traditional oil and gas exploration, highlighting a response to global energy demands and sustainability considerations. Looney's role on the board not only reinforces his expertise within the energy sector but also provides Adnoc with seasoned leadership as they navigate the changing landscape of energy investments. In addition to his new position with XRG, Looney was appointed as the chairman of Prometheus Hyperscale, a US-based data company, indicating a growing trend of leaders from traditional energy firms stepping into technology-driven sectors. This move suggests a broader trend among companies in the energy sector that are looking to adapt to changing market conditions and investor expectations regarding sustainability and innovation. As former executives transition to various roles in new and evolving companies, it reflects both a personal career trajectory for individuals like Looney and the broader shifts occurring within the industry. Overall, Looney’s appointment at XRG is a pivotal moment in his career, as it not only marks his return to a high-profile position within the energy sector but also aligns with the strategic objectives of Adnoc to diversify its portfolio. The collaboration emphasizes the importance of leadership in successfully steering enterprises towards new opportunities in the evolving energy market.