Tuesday 9 June 2015

Ex-Centrica boss heads $5bn oil and gas fund

The former boss of UK energy company Centrica is to head a new $5 billion (£3.3bn) fund to buy oil and gas assets globally.

London-based Neptune Oil and Gas is backed by private equity firms Carlyle Group and CVC Capital Partners.

It will focus on investing in large-scale fields and companies in the North Sea, North Africa and South East Asia.

Sam Laidlaw, Executive Chairman of Neptune said: “I am pleased to be partnering with investors of the experience and calibre of Carlyle and CVC. They share my enthusiasm to invest in building a new oil & gas company and to create significant value for our stakeholders at this pivotal time for the industry.”

Iain Conn, the head of BP's refinining and marketing division, took over Mr Laidlaw's role in Centrica in January this year.