OIL and gas big hitter Sam Laidlaw has underlined his ambition to grow the Neptune business he runs into a leading international player after it bought a big North Sea portfolio.

Private equity-backed Neptune has completed the $3.9billion (£2.8bn) acquisition of the exploration and production arm of French energy giant Engie which it agreed in May.

The deal gives it control of a range of UK North Sea assets including a stake in the giant Cygnus field, which accounts for around five per cent of total UK gas production.

The portfolio also includes assets in Norwegian and Dutch waters and interests in North Africa and South East Asia.

Mr Laidlaw, who led UK-focused Enterprise Oil and went on to run Centrica, said Neptune expected to leverage the strong portfolio of assets acquired from Engie to create a leading international E&P company within the next five years.

Neptune said the North Sea business acquired from Engie benefits from a strong operating base in strategic assets such as Cygnus.

It is understood that Neptune is interested in acquiring more assets in the UK North Sea.

Oil & Gas UK said having an enterprising company like Neptune growing with the North Sea at the heart of its business would be good news for the future of the industry.

The trade body’s chief executive, Deirdre Michie, noted: “This transaction highlights that the UK oil and gas sector continues to offer smart investors good commercial opportunities on the back of the huge efficiency improvements of recent years.”

Siccar Point Energy and Chrysaor have also bought portfolios of UK North Sea assets with private equity backing amid the sharp fall in crude prices since 2014.