LLOG partners with Blackstone to finance GoM activity

Offshore staff

COVINGTON, Louisiana – LLOG Exploration Co. and Blackstone (NYSE:BX) have partnered to invest more than $1.2 billion in LLOG’s operations in the Gulf of Mexico. The partnership also plans to participate in federal lease sales, farm-ins, and mergers and acquisitions.

LLOG has four recentdeepwater discoveries and an exploration inventory of more than 110 offshore leases.

“This transaction is indicative of the many exciting assets and opportunities we have at LLOG and will enable us to capture opportunities that we could not otherwise pursue,” said Scott Gutterman, CEO, LLOG. “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.”

11/14/2012