Blackstone, Oil Co. LLOG Ink $1.2B Gulf Of Mexico Deal

Law360, New York (November 13, 2012, 5:24 PM EST) -- Private equity giant Blackstone Group LP has formed a $1.2 billion partnership with LLOG Exploration Co. LLC to help expedite LLOG's Gulf of Mexico offshore operations, the companies said Tuesday.

Blackstone's investment will help accelerate LLOG's four recent deepwater discoveries in the Gulf and help fund exploration and appraisal of the company's 110-lease prospect inventory, according to the companies.

The equity and the long-term partnership — LLOG's first with a private equity entity — are expected to facilitate LLOG's participation in federal lease sales, so-called farm-ins,...
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