BP Russia Head Quits to Lead Riverstone-Backed North Sea Driller
BP Plc (BP/)’s Russia chief will leave the company to become chief executive officer of Fairfield Energy, a private-equity-owned North Sea oil producer where former BP CEO John Browne is a board member.
David Peattie, who spent time in Browne’s office in the 1990s during a 34-year BP career, will start on March 1, Fairfield said today. Fairfield is owned by a group of investors led by Warburg Pincus LLC and Riverstone Holding LLC, the firm where Browne is now a partner.
Fairfield was created as an independent operator to concentrate on developing and rejuvenating known deposits in the U.K. North Sea. The company, based in Staines near London, said in a statement that it’s now placing greater emphasis on exploration to balance the oil-production side of its business.
Peattie, a petroleum engineer by training, became head of BP Russia in 2008 and last year helped agree on the sale of the company’s 50 percent stake in TNK-BP, Russia’s third-largest oil producer, to OAO Rosneft. (ROSN)
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