Asset manager Blackstone Group LP will invest about $1.5 billion in the oil-rich Permian Basin in Texas and New Mexico.
Blackstone said it would partner with oil and gas company Jetta Operating Co. Inc. to create Jetta Permian, which will spend $1 billion on assets in the Delaware Basin, located in the larger Permian Basin.
Blackstone also said it would spend $500 million on future acquisitions, to be made through its recently formed oil and gas company, Guidon Energy.
Guidon Energy bought about 22,000 gross acres in Texas in April.
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