BP disaster boss back in the market

Former BP boss Tony Hayward launched a £1bn fundraising today as part of a high-profile return to the oil and gas sector.

Mr Hayward, who resigned from BP less than a year ago amid a barrage of criticism for his handling of the Gulf of Mexico oil spill, is one of the founders of Vallares, an energy investment vehicle which has announced its intention to float on the London Stock Exchange.

The company, founded with financier Nat Rothschild, former Goldman Sachs partner Julian Metherall and investment manager Tom Daniel, will target oil and gas assets in emerging markets worth between £3bn and £8bn.

Mr Hayward became a familiar face in the wake of the fatal Deepwater Horizon explosion last year as he faced the anger of US politicians and was accused of making a number of PR gaffes.