The former BP boss, Tony Hayward, is reportedly working with private equity investor Carlyle to find oil fields to purchase in Latin America.
Sky News reported that, if successful, he's likely to be paid a fee by Carlyle for introducing the deal to the firm.
While it is unclear whether Hayward would have an ongoing role in the new venture, he is said to have lined up a team of oil executives to run it under Carlyle's ownership.
It was recently reported that Hayward is planning to quit as chairman of Genel Energy in the second half of next year, however the company said that a decision had not yet been made.
He was forced to step down from the helm of BP in 2010 amid the fallout over the Deepwater Horizon drilling rig disaster in the Gulf of Mexico.