On Air Now

Current Show

Sportstalk   4:00 PM - 5:00 PM

SportsTalk with Joe and Pat

Show Info »

Upcoming Shows

Program Schedule »

Tune in to Listen

650 AM Hibbing, Minnesota

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
37° Feels Like: 29°
Wind: ESE 12 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Partly Cloudy 20°

Tomorrow

Partly Cloudy 46°

Fri Night

Snow to Ice 30°

Alerts

Blackstone and LLOG Exploration to invest $1.2 billion

(Reuters) - Private equity firm Blackstone Group LP and LLOG Exploration Company 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.

(This story was fixed to clarify both Blackstone and LLOG Exploration will invest in JV)

(Reporting by Neha Dimri in Bangalore; Editing by Mark Potter)

Comments