The FTSE 100-listed oil giant said Lund will join its board as chairman-designate and non-executive director on September 1 and will become chairman on January 1.
He joined BG Group from Norwegian oil giant Statoil where he served as president & CEO for 10 years from 2004.
BP group chief executive, Bob Dudley commented: "I have known Helge for more than a decade and I am very much looking forward to working with him.”
He added: "I am confident Helge, with the rest of the board, will provide the company with good governance and strategic guidance as we continue to grow and adapt through the energy transition."
Lund said: “BP has come successfully through a challenging period under the strong and committed leadership of Carl-Henric and Bob.
“I am looking forward to working with Bob and his team as they address the changing energy landscape."
In lunchtime trading, BP shares were 1.4% higher at 531.3p.
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