Blackstone to Invest $1.5 Bln in Permian Basin

Asset manager Blackstone Group LP will invest about $1.5 billion in the oil-rich Permian basin, in Texas and New Mexico.

 

The company 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


(Reporting by Vishaka George; Editing by Shounak Dasgupta)