Two former Tullow Oil executives are fronting an upstream start-up that will chase asset acquisitions in Africa backed by funds from private equity player Carlyle Group.

Aiden Heavey, founder of Tullow Oil and its immediate past chairman, is teaming up with Tom Hickey, who also worked for the Anglo-Irish independent, to lead Boru Energy.

The company will chase producing assets in Sub-Saharan Africa, and is primarily after a non-operated position, teaming up with national oil companies, international oil companies and independents.

The aim is to build up a portfolio of assets "with significant commercialisation potential" in numerous countries on the continent.

Carlyle International Energy Partners (CIEP) will provide funding for any acquisitions, with parent Carlyle Group saying on Tuesday that Boru will target acquisitions of up to $1 billion.

Heavey, who announced in early January 2017 he was relinquishing the chief executive role at Tullow to then-chief operating officer Paul McDade, said: “Boru Energy will build on our team’s experience and commitment to investing in Africa.

"We will seek to invest to secure and increase production levels, extend field life cycles and support partners and governments to achieve long term, sustainable growth and create value.

"We are committed to achieving best-in-class safety, environmental, social performance and transparent stakeholder partnerships."

Marcel van Poecke, managing director and head of the CIEP team, said: “Carlyle are pleased to partner with Aidan Heavey and Tom Hickey, both of whom have proven track records of successfully growing significant energy investments.

"We look forward to providing them with support and capabilities in order to help Boru Energy as it builds a successful platform for investing in oil & gas opportunities across Sub-Saharan Africa."

After relinquishing the chief executive role at Tullow, Heavey eventually left as chairman, handing over to Dorothy Thompson.

Hickey was at one stage chief financial officer at Tullow, quitting in 2008. He then joined Irish independent Petroceltic International in late 2010, initially as corporate development director before moving on to chief financial officer.

Carlyle has a vast stable of oil and gas assets, including UK North Sea player Neptune Energy, US giant Chesapeake Energy, former US independent Cobalt International Energy, US midstream giant Kinder Morgan and Gabon-focused Assala Energy, which took the assets of Shell in Gabon.