TPG Capital acquires gas assets in Wyoming for $1.8bn

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oil_waste170sqPrivate equity major TPG Capital has agreed to buy natural gas projects in the Jonah field Wyoming from Encana Corporation in a $1.8bn deal.

The field has a total productive area of around 24,000 acres and over 1,500 active wells.

Jonah had proved reserves of 1,493 billion cubic feet equivalent.

The deal also includes more than 100,000 undeveloped acres adjacent to Jonah.

CEO of TPG’s oil and gas investment unit Tom Hart said, “The Jonah field is a world-class, low-risk resource with long reserve life and future drilling opportunities that will be a strong platform to continue to grow a portfolio of cash flow-producing assets.”

Earlier this year TPG said it was seeking $2bn for a bridge fund while attempting to finish deploying its last mammoth flagship vehicle.

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