Israel's Navitas Petroleum LP said July 28 The Blackstone Group LP signed a preliminary deal to raise its stake in a drilling project in the Gulf of Mexico to 47% from 16%.
Navitas had partnered with U.S. oil firm LLOG Exploration Co. LLC and Blackstone's portfolio company Beacon Offshore Energy LLC in drilling at the Shenandoah discovery that holds 431 million barrels of oil. Blackstone, through Beacon, is buying LLOG's 31% holding in the $250 million project while Navitas would continue to hold 53%, Navitas said.
It noted that the project is expected to generate $1.13 billion in cash flow for the company. Production is forecast to begin in 2024.
The group recently signed a deal for drilling rig with Transocean Ltd.
"Blackstone's and Beacon's capabilities will help complete the project's financing and rapid and successful development," Navitas Chairman Gideon Tadmor said.
Recommended Reading
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
2024-05-06 - The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.
SunPower Appoints Garzolini as Executive VP, Chief Revenue Officer
2024-03-14 - Tony Garzolini will oversee SunPower’s sales, including the direct, dealer and new homes channels, along with pricing and demand generation.
Vision RNG Expands Leadership Team
2024-05-01 - Vision RNG named Adam Beck as vice president of project execution, Doug Prechter as vice president of finance and Beckie Dille as HR manager.
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.