He headed BG Group between 2015 and 2016 when it was taken over by Shell, before serving as President and Chief Executive of Norwegian energy firm Statoil from 2004.
Mr Lund will join the BP Board as Chairman Designate and a Non-Executive Director on 1st September 2018 and Chairman on 1st January 2019 – taking over from Carl-Henric Svanberg.
Mr Svanberg said: “Our industry is changing faster than ever as the world focuses on meeting the dual challenge of more energy with fewer emissions.
“Helge has a track record of leadership in addressing these issues, characterised by his open-minded and forward-looking approach. Together with his deep industry knowledge and global business experience, he has all the skills necessary to lead the board today and into the future.”