Hayward back in oil, and the money, with Turkish deal

Tony Hayward, who stepped down as BP boss in the wake of the Gulf of Mexico oil spill, will imminently seal his return to the oil industry, by buying into Turkey’s Genel Enerji, in a deal valuing the target at some $4 billion (£2.5bn), sources yesterday said.

Vallares, an acquisition vehicle established by Hayward and financier Nat Rothschild, has agreed in principle to a tie-up with Genel Enerji, which owns oil fields in the semi-autonomous Kurdish region of Iraq, and is expected to announce a deal in the coming days.

The exact terms of the deal are unclear but it is expected to net Hayward and his Vallares co-founders tens of millions of pounds.

In June, Vallares raised £1.35bn from investors to target emerging-market oil assets.