(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 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)