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Blackstone. LLOG Exploration to invest $1.2b

Funds will strengthen the offshore oil producer’s operations in Mexico

Gulf News

New York: Private equity firm Blackstone Group LP and LLOG Exploration Company LLC will jointly invest $1.2 billion (Dh4.4 billion) to strengthen the offshore oil producer’s operations in Mexico, the two firms said on Tuesday.

Blackstone will invest from its two private equity funds, which aggregate over $19.3 billion of committed capital, including Blackstone Energy Partners.

The partnership will boost LLOG’s asset base in the Gulf of Mexico and appraisal of about 110 offshore leases.

“LLOG is a highly efficient deepwater operator, with the history and ability to accelerate development, minimising the time frame to first production and significantly increasing project returns,” said Angelo Acconcia, managing director of Blackstone Energy Partners.