August 25, 2016 / 9:00 PM / 3 years ago

Blackstone to invest $1.5 billion in Permian basin

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

(Reuters) - Asset manager Blackstone Group LP (BX.N) will invest about $1.5 billion in the oil-rich Permian basin, in Texas and New Mexico.

The company said it would partner with oil and gas company Jetta Operating Co Inc to create Jetta Permian, which will spend $1 billion on assets in the Delaware Basin, located in the larger Permian basin.

Blackstone also said it would spend $500 million on future acquisitions, to be made through its recently formed oil and gas company, Guidon Energy.

Guidon Energy bought about 22,000 gross acres in Texas in April.

Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta

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