European Oil Firms Suffer Decade of Disruptions to Succession Plans

The company first tried but failed to find a heavyweight replacement in the United States, several industry sources said.

"They contacted a COO of a big U.S. company but the salary numbers didn't stack up," according to an industry source.

Instead Lund joins BG with the prospect of seeing his annual pay package jumping to as much as $20 million, from just $2 million at state-run Statoil.

"For leaders, there comes a time when it's right to move on, both for themselves and for the company they run," Lund said of his move. "I've wanted one more leadership challenge... I think I'm too young to retire".

PAYS AND SECRETS

Pay for U.S. executives is generally higher than that of their European counterparts, and the oil industry is no exception.

Rex Tillerson, the long-serving chief executive of Exxon Mobil, earnt $40 million in 2012, falling to $28 million in 2013. Chevron's chief John Watson's compensation also fell to $24 million in 2013 from $32.2 million in 2012.