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Sun 6 Feb 2011 10:10 PM

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BP ex-CEO Hayward in talks to lead Abu Dhabi oil firm

New oil and gas firm would have several billion dollars in funding from Abu Dhabi's sovereign wealth fund,

BP ex-CEO Hayward in talks to lead Abu Dhabi oil firm
Hayward stepped down as BP chief executive in September amid criticism of his handling of the Gulf of Mexico oil spill

Former BP boss Tony Hayward has held talks with Abu Dhabi’s
sovereign wealth fund about launching a new oil firm, just six months after he
quit in the wake of the Gulf of Mexico spill.

The new venture would be backed by several billion dollars
in funding from Abu Dhabi, the Sunday Times reported, but said the plan was
still in its early stages.

Hayward stepped down as BP chief executive in September amid
criticism in the US of his handling of the oil spill, which began with a
deepsea rig explosion that killed 11 workers.

He was reported last month to be in talks about joining the
board of Glencore, the world's largest commodities trader.

BP reported its first annual loss in over 20 years last week.
The firm posted a loss of $4.9bn in the year to December, compared with profits
of $13.9bn in 2009, after the financial impact of the fatal Deepwater Horizon
explosion was deducted.

BP once again upped its estimate of the cost of the disaster to $40.9bn after
it took an additional $1.04bn hit in the fourth quarter.

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