Lord Browne has kept his counsel since his painful departure from BP in May and his explanation yesterday for his move to Riverstone – “This is an opportunity for me to return to the energy industry full-time” – did little more than state the obvious.

But, in several ways, Lord Browne’s decision speaks for itself. It is not only a statement of how quickly he has bounced back but a passing comment on some of the institutions he has left behind.

The former BP chief executive never fully agreed with the company rules that required him to retire at 60, when he had a wealth of experience and huge reserves of energy for the job. He will now apply his unparalleled contacts book, his passion for green technologies and his obsessional personality to great effect at Riverstone, making fresh fortunes for himself and the firm in Europe. His gain will no doubt remind BP of its loss.

This is not only a return to the energy sector, it is a reunion of Goldman Sachs alumni. Riverstone is a New York-based private equity firm founded by two former Goldman Sachs energy bankers. Lord Browne, a former Goldman’s board member, looks set to profit from the Goldman’s relationship, long after leaving the bank.

Some will see Lord Browne’s decision to renounce Apax as an ominous sign for private equity. The buyout industry has trouble enough these days without one of Britain’s most prominent executives jumping ship. And some will say that Lord Browne has been ungrateful in his treatment of Apax. When he resigned, it paid no heed to the fiasco and insisted he would take up his job as planned. But Lord Browne’s decision to go was not personal but made in the same spirit as Apax’s decision was made to retain him: it makes good business sense.

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