Oil Startup Venari Raises $1.3B To Further Explore Gulf

Law360, New York (August 13, 2014, 7:19 PM EDT) -- Energy exploration startup Venari Resources LLC on Wednesday said it raised $1.3 billion in additional private equity to further explore the Gulf of Mexico, where it has already made two petroleum discoveries in partnership with big energy companies.

That brings total equity raised for the three-year-old Texas company to $2.4 billion, atop the the $1.1 billion it raised after forming in 2012, then considered one of the largest-ever private investments for a startup in the oil and gas industry.

Privately held Venari said the second round attracted new investors BlackRock Private Equity Partners and GIC, Singapore’s sovereign wealth fund. Existing investors...

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