New BP chief executive Bernard Looney will take over the helm of the UK supermajor on an annual base salary of £1.3 million ($1.6 million).

The current chief executive of upstream at the London-based oil giant is set to replace Bob Dudley, who is currently on a base salary of $1.854 million a year, but has 8.3 million shares currently worth around $49 million.

Looney, who will take over at the top from 5 February, is also entitled to a cash allowance in lieu of his pension equal to 15% of his base salary, while, for the purposes of that deferred pension calculation, that base salary will be capped at his current salary.