BP's head of exploration to leave company - Reuters

BP head of exploration Richard Herbert is leaving the company after a little more than two years in the job, a period that saw the oil major cut its spending on the search for new deposits, a report says.

Herbert, a company veteran and ally of chief executive Bob Dudley, returned the British oil major in October 2013 after a spell at rival Talisman Energy, Reuters reported today.

Against the backcloth of the deadly Gulf of Mexico oil spill in 2010, Herbert’s job was to lead exploration activity and help BP rebuild investor confidence, the news agency said.

BP told Reuters that Herbert would leave the company in June, after a decision to simplify the upstream executive team and bring exploration, global projects, reservoir developments and technology under one roof, reporting to James Dupree.

The company's head of technical functions in exploration, Howard Leach, has been appointed interim head of exploration.

BP had to shed assets to pay some $50bn in US liabilities for the Macondo exploration-well spill, and thus reduce funding for exploration projects, the news agency said.

Crude oil prices began to crash from mid-2014, and at present appear to be recovering from lows heralded in by a global supply glut. At 5.50pm, WTI crude was at $48.30/bbl and Brent was at $49.37/bbl.