Market Overview

LLOG Exploration and Blackstone Energy Partners Announce $1.2B Offshore Gulf of Mexico Strategic Partnership

LLOG Exploration Company and Blackstone
(NYSE: BX) today announced the formation of a long-term, strategic
partnership and have committed to invest over $1.2 billion to expand and
accelerate LLOG's offshore operations in the Gulf of Mexico. The
partnership will leverage the combined operational and financial
resources of LLOG and private equity funds managed by Blackstone
(collectively with their affiliates “Blackstone”) to expedite
development of LLOG's four recent deepwater discoveries as well as the
exploration and appraisal of its extensive prospect inventory, which
includes over 110 offshore leases. In addition, the partnership will
expand LLOG's asset base in the Gulf of Mexico through federal lease
sale participation, farm-ins and M&A activities, further building upon

See full press release

Posted-In: News Guidance Contracts Management Global

 

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