Blackstone strikes $1.2bn oil company deal for assets of Shell affiliates

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oilfield-pump-jack-2-72236-mBlackstone has teamed up with exploration and production company Vine Oil & Gas to buy assets from Royal Dutch Shell affiliates SWEPI and Shell Gulf of Mexico for $1.2bn.

The sale refers to the Haynesville assets which cover more than 107,000 net acres in North Louisiana in the core of the Haynesville natural gas shale basin.

Blackstone Energy Partners launched Texas-based Vine earlier this year with the aim of making the company into a significant and independent shale developer.

Blackstone Energy Partners managing director Angelo Acconcia said, “Our partnership capitalises on our deep oil and gas investing experience in North America combined with a best-in-class management team at Vine who have significant operating and shale development experience and an impressive track record.”

The deal is expected to close in the fourth quarter of 2014.

Earlier this summer Blackstone agreed to commit up to $800m to newly-launched Malaysian exploration and production company Tamarind Energy.

Blackstone is expected to launch its second energy fund with a target at least equal to its debut $2.5bn vehicle later this year.

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