Blackstone Group signs a primary deal to raise its stake in a drilling project at the Gulf of Mexico.
- The Israel-based Navitas Petroleum mentioned that the Blackstone Group is aiming to raise its current stake at the Gulf of Mexico from 16 per cent to 47 per cent.
- Navitas had partnered with LLOG- a U.S-based oil firm and Beacon Offshore Energy- a portfolio company of Blackstone for drilling at the Shenandoah discovery, which holds 431 million barrels of oil.
- As per Navitas, Blackstone is now buying 31 per cent of LLOG’s holdings in the USD 250 million project.
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