BP boss Bernard Looney has resigned with immediate effect after admitting to past relationships with colleagues that were not fully disclosed.

The 53-year-old Irishman, has been chief executive of the energy giant since February 2020 and will be replaced on a temporary basis by chief financial officer Murray Auchincloss.

In a statement, BP said: “In May 2022, the board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues. The information came from an anonymous source.

“During that review, Mr Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO. No breach of the company’s code of conduct was found.

“However, the board sought and was given assurances by Mr Looney regarding disclosure of past personal relationships, as well as his future behaviour.

“Further allegations of a similar nature were received recently, and the company immediately began investigating with the support of external legal counsel. That process is ongoing.

“Mr Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures. He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.

“The company has strong values and the board expects everyone at the company to behave in accordance with those values.

“All leaders in particular are expected to act as role models and to exercise good judgement in a way that earns the trust of others.”