Riverstone partners with Ridgewood for deepwater projects in Gulf of Mexico


Energy and power-focused private equity firm Riverstone has made a strategic investment in a series of deepwater exploration projects in the Gulf of Mexico alongside upstream oil and gas investment company Ridgewood Energy Corporation.

The investment was made via its Riverstone Global Energy and Power Fund V, an energy-focused private equity fund managed.

Combined with a similar commitment by an affiliate of Riverstone/Carlyle Global Energy and Power Fund IV, in 2010, this brings the total Riverstone-backed fund commitment to over $550m.

The Ridgewood management team will manage the investment, it said.

Since its inception in mid-2010, the venture has participated in four significant oil discoveries located in the Mississippi Canyon and Ewing Bank regions of the deepwater Gulf of Mexico, all of which are currently under development and expected to commence production in 2015 and early-2016. The venture now has an additional seven exploration opportunities being progressed, the first of which will begin drilling in March 2013..

Copyright © 2013 AltAssets