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BP elected a new Chairman, Board of Directors

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BP elected a new Chairman, Board of Directors
April 26
13:00 2018

Helge Lund, a former chief executive of the Norwegian company Statoil will become a new Chairman, Board of Directors in the British transnational oil and gas company British Petroleum. This was reported to the public by the news agency Reuters.

55-year-old Helge Lund headed the British oil and gas company BG Group, whose main activity was the search and extraction of natural gas and oil. We recall that from February 15, 2016 BG Group has been part of the Anglo-Dutch oil and gas concern Royal Dutch Shell.

An official report of the BP representatives says that Helge Lund will replace Carl-Henric Svanberg as Chairman, Board of Directors. It is expected that he will fully take office next year.

According to Rohan Murphy, an analyst of Allianz Global Investors, the transition of Mr. Lund from Statoil and BG is a consequence of his great experience in the field of forecasting and searching for mineral deposits. This direction is still the main type of earnings of the British oil and gas company BG Group.

Such an important redeployment of the staff is caused by the goal of the company’s management to prolong the period of the strong growth after recovering from the consequences of a large-scale oil spill in the Gulf of Mexico in April 2010. The catastrophe occurred on a semi-submersible drilling platform Deepwater Horizon. As a result of the accident, 11 people died, and hundreds of thousands of oil tons poured into the ocean. The incident turned into a real catastrophe for the company: the huge financial losses forced the oil giant to sell the assets around the world.

Investors note that the fact that Mr. Lund has joined British Petroleum will positively affect the growth and recovery of the company after the events of 2010.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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