Blackstone, LLOG looking to sell Gulf of Mexico joint venture

Offshore staff

NEW YORK – Buyout firm Blackstone Group LP and privately held LLOG Exploration Co. are working with an investment bank to sell their Gulf of Mexico oil exploration joint venture for more than $2 billion, according to a Reuters report.

The attempted divestment is the latest to emerge from the US Gulf of Mexico, as higher oil prices allow those with capital-intensive investments in the basin to sell them at much more attractive valuations than in recent years.

The LLOG Bluewater joint venture between Blackstone and LLOG was announced in November 2012, with a pledge to invest more than $1.2 billion to bolster LLOG’s operations in the Gulf.

According to the report, the duo is working with Barclays Plc to sell the venture. Initial information was reportedly sent out to potential buyers last week.

11/10/2018