Former Centrica CEO eyes £3.3bn oil and gas assets through Neptune Oil and Gas platform

Centrica ex-chief executive Sam Laidlaw has unveiled a plan to launch private equity fund which aims to invest £3.3bn ($5bn) on oil and gas assets across North Africa, South East Asia and the North Sea.

Private equity firms Carlyle Group and CVC Capital Partners will support the proposed entity, which will be known as Neptune Oil & Gas.

The firms plan to buy a portfolio of assets which will have a combined daily capacity of up to 100,000 barrels.

Neptune executive chairman Laidlaw was quoted by Bloomberg as saying: "Neptune intends to create a mid-size exploration and production company in the 75,000 to 100,000 barrels-a-day range."

The new entity will be formed as the timing is deemed favourable amidst plunging oil prices.

Slump in the crude costs have been driving energy companies and small exploration firms to consider asset sales.

The Financial Times cited Laidlaw as saying: "This is actually about trying to improve operating efficiency, add barrels, add reserves and find different operating models that drive value."

Neptune will initially try to invest in just one or two major deals, for which it might need to wait.

Neptune executive chairman Sam Laidlaw said: "Carlyle and CVC 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, in particular across the North Sea, North Africa and South East Asia."

CIEP head and managing director Marcel van Poecke said: "CIEP will provide capability and support to Neptune through its global energy platform as we invest in and grow large-scale energy companies seeking capital and global management expertise."