Apache exec joins Neptune Energy

OE Staff Jan 2, 2018

Former Apache North Sea boss Jim House has signed up to Neptune Energy as CEO, starting this month.

House makes the move from Apache Corp. where he has spent the last 26 years in senior leadership roles, most recently as the Senior Vice President responsible for Egypt, Mid-Continent US, Gulf Coast, Gulf of Mexico and International New Ventures, based in Houston, Texas.

House previously spent nine years based in the UK, during which time the firm acquired the Forties offshore assets from BP and the Beryl area portfolio from ExxonMobil.

Prior to this, House was responsible for Apache’s Joint Venture businesses with EGPC in Egypt.

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 organization at a very important time and look forward to implementing many of the strong ideas resident within the organisation and the business, capitalizing 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.”

Neptune was set up in 2015 by Laidlaw. Its stated aim is to: "Identify large-scale investment opportunities in the North Sea, North Africa and SE Asia." The company is backed by funds advised by two global alternative investment managers, The Carlyle Group and CVC Capital Partners.

Neptune signed a US$5.1 billion (€4.7 billion) deal with Engie for its 70% stake of Exploration & Production International (EPI). The binding offer included nearly $1.2 billion (€1.1 billion) in decommissioning liabilities deconsolidated from Engie’s balance sheet. The deal will see Neptune Energy become the sole owner of EPI, and is expected to close by early Q1 2018.

Sam Laidlaw, Executive Chairman of Neptune Energy Group, was CEO of Centrica and held senior roles with Chevron, Enterprise Oil and Hess, before that. He said: “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.”