LLOG Exploration and Blackstone Form Strategic Partnership
November 14, 2012
Oil and gas company LLOG Exploration and The Blackstone Group have formed a strategic partnership and committed to invest over $1.2 billion to expedite LLOG's offshore operations in the Gulf of Mexico. Blackstone is currently investing from two private equity funds, including Blackstone Energy Partners, its dedicated energy sector fund. The capital will help accelerate development of LLOG's four recent deepwater discoveries, as well as the exploration and appraisal of its prospect inventory, which includes more than 100 offshore leases.