Blackstone and LLOG Exploration to invest $1.2 billion

NEW YORK, Tue Nov 13, 2012 – Private equity firm Blackstone Group LP and LLOG Exploration Co. LLC will jointly invest $1.2 billion to strengthen the offshore oil producer’s operations in 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.