OIL and gas entrepreneur Algy Cluff is stepping down as chief executive of North Sea-focused Cluff Natural Resources but will remain chairman of the firm.

Mr Cluff, 77, wants to commit time to other interests, including the launch of a new charity.

Finance director Graham Swindells will become chief executive of Cluff Natural Resources on 28 February.

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Mr Cluff founded the firm that discovered the giant Buchan oil field in the North Sea in 1975. He started CNR in 2012.