Centricas former chief executive (Sam Lidlaw) is now working with the Carlyle Group and CVC Capital Partners to launch a new entity which will target $5billion in oil and gas deals. Sam Laidlaw notes that the new company called Neptune Oil & Gas would be looking for acquisitions in the North Sea, Africa and Southeast Asia (reuters.com).

The company will be examining possible acquisitions as energy groups looks to sell assets after the drop in oil prices. Laidlaw states “Neptune intends to create a mid-size exploration and Production Company in the 75,000 to 100,000 barrels a day range. Oil prices, which have fallen 40pc since last June, have opened up an opportunity to snap up petroleum assets on the cheap as major producers seek to offload unwanted fields and smaller players struggle to cope with prices below $100 per barrel.”

Rob Lucas, managing partner at CVC, said: “We have known Sam Laidlaw for many years and believe the timing is now favorable to pursue this venture in partnership with Sam and Carlyle.” The world’s top-four private-equity groups, Carlyle, Global Management LP, Blackstone Group LP and KKR & Co, have raised about $30 billion for energy deals in the past 18 months, according to information from Bloomberg.com