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The “Twin Threats” Facing Big Oil

The “Twin Threats” Facing Big Oil

According to a new report…

BP’s Chief Executive Bob Dudley Drafts Plan To Step Down

Bob Dudley

Bob Dudley, the chief executive of BP since 2010, is drafting plans to step down from his post in 2020, Reuters reported on Monday, quoting sources close to the UK oil supermajor.

Dudley, who became CEO at BP on October 1, 2010, succeeded Tony Hayward, who resigned after the Deepwater Horizon disaster that marred BP’s early years this decade.

This past Saturday, Sky News reported that Dudley is drawing up plans to retire from the CEO job within 12 months and has held discussions with the chairman of BP, Helge Lund, about the plans.

BP could announce Dudley’s decision to step down by the end of this year, and possibly as soon as by the end of October, when the supermajor is expected to report third-quarter results, sources in the City told Sky News.  

It is not clear yet whether BP could make an announcement about Dudley’s successor at the same time at which it would announce his decision to step down, according to Sky News’ sources.

Dudley has reportedly said in private discussions that he wanted to retire from the CEO job at BP at the age of 65. He turned 64 in the middle of September.

Related: OPEC’s No.2 Prepares For Oil Export Boom

According to sources who spoke to Reuters and Sky News, the current chief executive of BP’s upstream business, Bernard Looney, and the BP group chief financial officer Brian Gilvary are widely regarded as front-runners to succeed Dudley as chief executive officer.

Dudley steered BP away from the brink after the Gulf of Mexico oil spill in 2010. Nearly a decade after the Deepwater Horizon disaster, BP bets big on the Gulf of Mexico to grow its global production of ‘high-margin oil’, as its executives say. Under Dudley, BP also secured shale assets in the United States after buying last year oil and gas assets in the Permian, the Eagle Ford, and Haynesville from BHP in what the UK supermajor described as a “transformational acquisition” and one of its biggest deals in the past two decades.  

BP is also starting to pay attention to the climate issues that its shareholders and investors are raising. Earlier this month, Dudley said that BP was considering selling some heavily carbon-intensive oil projects and not developing others in order to have its business compatible with the Paris Climate Agreement.

By Tsvetana Paraskova for Oilprice.com

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  • jone al sharon biriyani indian on October 01 2019 said:
    BP Deep water Hozrion is Lousianan state's 911 fake attack
    BP says they hvae so far takne a $60 billion expense. How much of this cash payout? must be be a $10 billion atleast.

    it appears to me that some oil barge was kept there floating and that was set of fire. that is all no gas or oil was coign from under sea. it was a fake rig.

    It is all looting money and destroying the louisiana coastal life. Many 100s hvae lost their livelihood. now they are at the mercy of these hoodlums -mayor, state official, bush-obama energy thugs.
    .

    firstly I am not sure if 70 miles off the coast it is possible to support a Rig/oil field in the oceans -gulf of mexico?
    .
    As s it is ocean probably 2 miles deep. 3000 meters. Height of tallest building in dubai is 800 meters. Is it possible .to build a structure that deep? 3000 meters?


    secondly 11 men died. another fake. secondly Federal report says " there was lack of regulatory oversight form the day one"

    Bush was president. this nazi is a criminal. So the purpose was obivous with obama-osama in mind.

    Nobody will notice eths fake rig as there are 100s of rigs in the gulf coast. so one further out 60 miles may not be seen as vague. some may thing it s coastal guard offshore monitoring center rather than a rig. Clever mobster family Bush/Chenney. When do we end them to the bottom of the ocean along with drugster obama clinton?
  • Bill Simpson on October 01 2019 said:
    He saved it from bankruptcy. After the Deepwater Horizon disaster, had he not been there as an American, the US government would have bankrupted it, nationalized the assets, and somehow distributed the best pieces to Exxon and Chevron. That is what I thought was going to happen. Too bad 11 men had to die for them to learn not to try and cut corners in offshore drilling.

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