Apache veteran Jim House has been named the new chief executive of Neptune Energy.
It comes after he spent 26 years with North Sea operator Apache. Under his leadership, Apache acquired the Forties offshore assets from BP and the Beryl area portfolio from ExxonMobil.
Mr House said: “Although it was a tough decision to leave Apache after a 26 year run, I am more than thrilled to have the opportunity to join the Neptune organisation at a very important time and look forward to implementing many of the strong ideas resident within the organisation and the business, capitalising on their inherent strengths. Many factors supported my decision to join Neptune, including the overall quality of the asset base, confidence across the principal investment groups and the opportunity to team up with Sam Laidlaw to develop a superior global oil and gas enterprise.”
His appointment coincides with Neptune’s $4bn acquisition of Engie’s oil and gas assets. The firm has financial backing from the Carlyle Group and CVC Capital Partners, the US private equity groups and China Investment Corporation, the Chinese sovereign wealth fund.
The buy-out nets Neptune 150,000 barrels a day from the North Sea, Africa and Asia.
Sam Laidlaw, executive chairman of Neptune Energy Group, added: “I would like to welcome Jim to the Neptune organisation and I personally look forward to working with him in delivering the next exciting phase of Neptune’s ambition to create a leading international independent E&P company within the next five years.”