His appointment has been made following a robust and competitive search process, carried out by the board over the past four months with support from international search advisers. This included detailed consideration of a range of candidates, including external to bp.

Helge Lund, chair of bp said: “Since September, bp’s board has undertaken a thorough and highly competitive process to identify bp’s next CEO, considering a number of high-calibre candidates in detail. The board is in complete agreement that Murray was the outstanding candidate and is the right leader for bp.

“Many already know Murray well, and few know bp better than he does. His assured leadership, focus on performance and delivery, and deep understanding of the opportunities and challenges in the energy transition will serve bp well as we continue our disciplined transformation to an integrated energy company.”

Murray Auchincloss said: “It’s an honour to lead bp – this is a great company with great people. Our strategy – from international oil company to integrated energy company, or IOC to IEC – does not change. I’m convinced about the significant value we can create.“Now, more than ever, our focus must remain on delivery – operating safely and efficiently, executing with discipline, and always focusing on returns. This is how we will deliver real benefits for our customers and other stakeholders and continue to grow long-term value for bp’s shareholders.”

The search process for the new CEO was led by a committee of the bp board, headed by Helge Lund together with three other non-executive directors. The appointment decision was approved by the full bp board, excepting Murray Auchincloss.