US based private equity and asset management company Blackstone Group is partnering with two oil and gas companies to invest $1.5bn for development of assets in the Permian shale formation.
Funds managed by Blackstone Energy Partners and an affiliate of oil and gas company Jetta Operating have partnered to create, Jetta Permian.
The alliance will invest $1bn in assets and leasehold in the Delaware Basin located in West Texas and southern New Mexico.
Blackstone senior managing director Angelo Acconcia said: “We are excited to partner with Greg and the Jetta team to launch this new platform in the Delaware Basin.
“We believe that Jetta Permian is well positioned to become one of the leading Delaware Basin pure-play companies and a partner of choice for those that are looking for someone to provide additional capital and operational resources to optimally develop their assets and / or leasehold.”
Jetta said that the new alliance would leverage its experience, and diligence for creating a pure play Delaware Basin platform.
Additionally, Blackstone will invest $500m in Texas-based oil and gas partnership Guidon Energy. It also plans for more acquisitions in future.
Guidon was launched by Blackstone and Jay Still, a former executive vice-president of Pioneer Natural Resources and Laredo Petroleum, with an aim to develop significant, independent shale development company focused on the Midland Basin.
Guidon looks to boost its acreage position while looks to optimally develop its leasehold through manufacturing styled horizontal well development.
Image: Blackstone Group intends to invest in the development of oil and gas assets. Photo: courtesy of suwatpo/ FreeDigitalPhotos.net.