Former BP chief executive Bernard Looney has been appointed to the board of Abu Dhabi energy firm XRG in his first role in the energy sector since leaving the oil major.
Abu Dhabi state-owned oil firm ADNOC launched XRG, which has an enterprise value of $80 billion, in November.
ADNOC said XRG will focus on lower-carbon energy and chemicals investments, and aim to more than double its asset value over the next decade.
Looney resigned from BP in September 2023 following allegations of personal relationships with colleagues and misleading the company’s board.
Following an investigation, the oil giant later confirmed it had dismissed Looney without notice, stripping him of around £32.4m in reimbursements.
The 54-year-old Irishman was later linked with a role in the UAE after he reportedly held talks with the head of ADNOC, Dr Sultan Al Jaber.
© Supplied by ADNOCHe joins seven other members of the XRG board, including Blackstone chief operating officer Jon Gray and UAE investment minister Mohamed Alsuwaidi.
Announcing the XRG board, Al Jaber said the company is “uniquely positioned to unlock value across high-growth sectors, geographies and value chains”.
“Building on over half a century of Abu Dhabi’s global leadership in energy and investment, XRG combines unparalleled knowledge, access to smart capital, building and nurturing strong partnerships, expanding into new markets, and leveraging advanced technologies, with an agile approach to strategic investments across the full energy value chain,” he said.
“Initially focused on the energy, low carbon and chemicals sectors, XRG is committed to delivering innovative, sustainable, and disruptive solutions that create long-term value for partners, customers, and stakeholders and supporting the accelerated need for energy in AI.”
The XRG move comes after US data centre company Prometheus Hyperscale appointed Looney as its chairman in November.
Current BP chief executive Murray Auchincloss, who previously served as the company’s finance chief, replaced Looney after a months long recruitment process.
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