Boru Energy has its sights set on producing assets in Africa as the private equity-backed newcomer, led by former Tullow Oil chief executive Aiden Heavey, gets ready to access a pot of up to $1 billion for acquisitions.

Backed with funds from the Carlyle Group, the newly-established player is targeting both oil and gas assets in sub-Saharan Africa, although it intends to primarily remain as a non-operating partner in any assets.

The company will be headed by Heavey, who is Tullow’s most recent past chairman, and one of Heavey’s ex-colleagues at the Anglo-Irish independent, former chief financial officer Pat Hickey.

Upstream has also been told that David Lawrie, formerly vice president of North & West Africa at Tullow, is also part of the new management set-up, while it is believed the company will be based in London.

“The potential portfolio... will consist of assets with significant commercialisation potential and where the operator is a high quality national, international or independent oil and gas company,” Carlyle said this week as it unveiled the latest upstream company in its growing stable of investments, that includes North Sea player Neptune Energy.

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

Heavey, who announced in early 2017 that 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."

He said that "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.”

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.”

After relinquishing his chief executive role at Tullow, Heavey eventually relinquished his role 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 become chief financial officer.

Carlyle has a vast stable of oil and gas investments.

Apart from Neptune, these include US giant Chesapeake Energy, US midstream giant Kinder Morgan and Gabon-focused Assala Energy, which recently acquired the assets of Shell in Gabon.