Tony Hayward, the former BP chief executive who stepped down in the wake of the Deepwater Horizon explosion, is in talks to launch a new global oil company, according to press reports.
Mr Hayward was approached by representatives from Abu Dhabi’s sovereign wealth fund who offered to bankroll him to the tune of several billion dollars to enable him to build a global oil and gas group, according to the Sunday Times.
The fund is estimated is estimated to have a total value of up to 800 billion US dollars (£496 billion) and has a range of investments including stakes in Ferrari, ports, aerospace and renewable energy firms.
The proposal is understood to be at an early stage of development and is one of several being considered by Mr Hayward, who is planning to build a portfolio of roles in global businesses.
He was last month invited to join the board of Glencore the world’s largest commodities trader, which is preparing for a £30 billion float this year, added the newspaper.
Mr Hayward’s relationship with Abu Dhabi’s crown prince Mohammed bin Zayed bin Sultan al-Nayhan is believed to be strong.
Mr Hayward was forced to step down from BP four months ago following outrage about the oil spill, which was caused by an explosion on the rig on April 20, killing 11 people.
The incident also had a disastrous effect on BP’s fortunes, as the company made a loss for the first time in 18 years and its shares nearly halved in value, knocking it off its position as the UK’s most valuable company.
Mr Hayward famously made a number of gaffes in the wake of the explosion, which helped to sully BP’s reputation in America.
He antagonised Americans whose livelihoods had been wrecked by the spill when he told reporters: “There’s no one who wants this over more than I do. I would like my life back.”
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