Bernard Looney, former CEO of British petroleum firm BP, is reportedly looking to stage a comeback after a scandal involving relationships with co-workers led to his departure from the company. Information from sources indicates Looney has been in discussions with key figures within the United Arab Emirates, including Sultan al-Jaber, the head of Abu Dhabi National Oil Company (Adnoc), and Sheikh Tahnoon bin Zayed al-Nahyan, an influential security advisor and businessman in the UAE.
One source states that the discussions might include possibilities for Looney to undertake private equity-style investments backed by the Gulf nation. However, it seems no role within Adnoc itself is being considered for Looney. In contradiction to this, Adnoc issued a statement to the Financial Times claiming no dialogue has occurred with Looney, yet it did not confirm whether any private conversations with Jaber happened. Looney’s spokesperson declined to comment, and no response was obtained from Sheikh Tahnoon.
Looney’s career at BP ended abruptly in September following a scandal involving non-disclosure of prior relationships with co-workers which resulted in allegations of “serious misconduct”. The 53-year-old had an interrupted tenure of less than three years as BP’s CEO and saw his compensation package, including pay and unallocated share awards, reduced by as much as £32.4 million.
Despite his exit, Looney is said to have industry respect for his efforts towards transitioning BP, a century-old petroleum company, towards more environmentally friendly fuel alternatives. Indeed, following his exit, several industry leaders, including Jaber, privately reached out to him. During Looney’s time as CEO, he established a strong professional connection with Jaber, significant given the over half-century collaboration between BP and Adnoc within the UAE.
Environmental activists criticised the UAE’s decision to appoint the leader of its state oil company to oversee discussions last year. In defending Jaber, Looney was among the many renowned figures who backed him, even penning a support letter to the Financial Times. As well as leading Adnoc, Jaber is the UAE’s Minister of Industry and manages the country’s largest renewable energy firm, Masdar, making him the UAE’s most influential energy executive.
Inquiries were first carried out by BP into claims concerning Mr Looney’s previous romantic involvements with co-workers in 2022, as per what the Financial Times initially reported. The then CEO recognised some of these relationships and assured the board that there were no more secrets to uncover.
However, a subsequent batch of accusations in the following year exposed more undisclosed romances. Faced with these new revelations, Mr Looney conceded that he had not been completely open. The claims made also accused him of favouring women with whom he’d maintained previous hidden relationships, as noted by the Financial Times.
Since stepping down as CEO in September, Mr Looney mostly maintained silence in public. In his single public comment regarding the issue, made in December, he expressed dissatisfaction over how the situation had been dealt with. – This information is brought to you by The Financial Times Limited, 2024.