Reuters – Blackstone Invests $1.2bn in LLOG Exploration
Blackstone Group is investing $1.2 billion in LLOG Exploration Company to strengthen the offshore oil producer’s operations in Mexico, writes Reuters. Blackstone will invest from its two private equity funds, which aggregate over $19.3 billion of committed capital, including Blackstone Energy Partners.
Reuters – Private equity firm Blackstone Group LP (BX.N) is investing $1.2 billion in LLOG Exploration Company LLC 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, minimizing the timeframe to first production and significantly increasing project returns,” said Angelo Acconcia, managing director of Blackstone Energy Partners.
(Reporting by Neha Dimri in Bangalore; Editing by Mark Potter)
Guest said on November 13, 2012
Gulf of Mexico is not the same thing as Mexico. Precision on basic details is important in this sort of reporting. It would be big news indeed if foreign capital was allowed to invest in oil exploration and production in Mexico.