LLOG, Blackstone form Gulf of Mexico partnership

Privately owned LLOG Exploration Co. LLC of Covington, La., and Blackstone Energy Partners formed a long-term, strategic partnership in which the two committed to invest more than $1.2 billion to expand and accelerate LLOG’s offshore operations in the Gulf of Mexico.

Blackstone, a private equity fund, will provide financing along with LLOG’s operating expertise and financing to expedite development of LLOG’s deepwater discoveries and its exploration and appraisal of prospects on more than 110 offshore leases.

The partnership plans to expand LLOG’s asset base in the gulf through federal lease sale participation as well as through mergers and acquisitions.

LLOG said Who Dat field, brought onstream last year, is excluded from the LLOG-Blackstone partnership.

Scott Gutterman, LLOG’s chief executive officer, noted the partnership with Blackstone was the first time that LLOG joined forces with an equity partner on a companywide basis.

“We believe the Gulf of Mexico deepwater is one of the most attractive oil plays in the world, and we expect to continue to be a long-term, significant player in the basin,” Gutterman said.

Whitepapers

Pervasive Governance: Rethinking Traditional Approaches to Information Governance for Oil & Gas

Information is an organization’s most important strategic asset – the “lifeblood” of the organiza...

OSHA 1910.269 Are You Regulation Ready?

Read this Q&A to learn about changes to federal regulations and how to select FR garments for...

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New ...

On the Radar: EMC Supplier Exchange

This report addresses key issues for managers of complex contracts in energy and engineering. Thi...

Webcasts

Adding GPS vehicle management to your team

A GPS fleet management system can be a highly effective tool to help lower costs, improve productivity, and manage your vehicles more efficiently. But with many vendors and prod...
( 09/01/2015 / 01:00 PM Eastern Daylight Time / 12:00 PM Central Daylight Time / 10:00 AM Pacific Daylight Time / 17:00 GMT )
Sponsored by

Transforming the petroleum supply chain with the Internet of Things

The equipment involved in producing, moving, refining and selling petroleum is expensive, and rugged, and comes from hundreds of manufacturers. Enhanced by the Internet of Thing...
Sponsored by

Connected Decision-Making: Improving Asset Operations Through Comprehensive Information Management

Energy asset operators are faced with a paradigm today: increase efficiency and reliability levels while fighting to extend the lifespan of these aging asset. To meet these oppo...
Sponsored by