Exmar's Opti-EX FPS in deployment at LLOG's Who Dat field in the Gulf of MexicoPrivate equity firm Blackstone Group has partnered with LLOG Exploration to invest $1.2 billion in the Louisiana-based company's Gulf of Mexico operations, the two companies announced on 13 November 2012.
The funds will go towards expediting development on four of LLOG's recent deepwater discoveries as well as exploration and appraisal of its inventory of 110 offshore leases. The company said it also hopes to expand its asset base through lease sale participation, farm-ins and other M&A activities.
LLOG CEO Scott Gutterman said the partnership will now allow the company to pursue opportunities that they could not otherwise.
‘I believe that with our deep technical and operations team, experience and assets in the GOM combined with Blackstone's team, extensive capital resources, oil and gas expertise and industry resources, we will be able to take our business, activity levels and assets to the next level,' Gutterman said.
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