CORRECTED-Blackstone and LLOG Exploration to invest $1.2 billion

Tue Nov 13, 2012 7:12am EST

(Corrects paragraph 1 to insert dropped words "the Gulf of". Incorporates earlier correction clarifying that both Blackstone and LLOG will invest in the JV.)

Nov 13 (Reuters) - Private equity firm Blackstone Group LP and LLOG Exploration Company LLC will jointly invest $1.2 billion to strenghten the offshore oil producer's operations in the Gulf of 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)

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