Former BP boss Tony Hayward is in talks with investors to launch a new fund aimed at buying up distressed oil and gas assets.
If Mr Hayward, currently the chairman of Genel Energy, is successful in raising the cash he will join the likes of former Centrica chief Sam Laidlaw looking to buy assets affected by the collapse in oil prices. Mr Laidlaw set up Neptune Oil and Gas, a £3.5billion fund backed by CVC Capital and Carlyle, although this has yet to make any acquisitions.
The move comes as it emerged Mr Hayward has missed out on a multi-million pound share bonus after Genel failed to reach share targets.
The firm, which operates in the troubled Kurdistan region, has been laid low by the fall in oil prices and difficulties in getting paid for its oil by the Kurdistan Regional Government (KRD) which is fighting a war against Islamic State.
Genel’s share price plunged 42% last month after its key Tak Tak oil field had two third less reserves than previously estimated.
Mr Hayward’s “founder securities” were set to convert to shares worth tens of millions of pounds if and when Genel shares hit £12.50, which they have failed to do. The firm’s shares closed 13% higher to 89.75 last week.
Elsewhere, Petrofac boss Ayman Asfari has acquired a 10.5% stake in a listed oil firm with stakes in his birth country, Syria.
The billionaire spent £1.5million to buy shares in Gulfsands Petroleum through his family investment firm, ME Investments.
The move comes as Gulfsands said last week it intends to return to production and exploration activities in the war-torn country “as soon as permitted” after force majeure on its assets there was declared on the introduction of EU sanctions against the regime of President Bashar al-Assad.