But imagine what the headlines could have read: "Lord Browne to retire; changed oil industry and the world."

Lord Browne will start work in his new post immediately.

At the news conference, Lord Browne was asked about the plant's past safety problems.

But Lord Browne rejected those suggestions, saying he still estimated that the company would meet its 2004 production target.

But Lord Browne certainly does not see a world free of hydrocarbons anytime soon.

The idea seems "a touch out of date," Lord Browne added.

The board may also look outside for a successor, Lord Browne said.

Lord Browne, the chief executive, said that the book value of the business was about $7 billion.

Some of that committee's findings will be made public, Lord Browne said.

Lord Browne acknowledged that the company's profitability would decline if the price of oil came down.