Blackstone Group (BX.N) is investing in the lucrative area of shale, following rivals such as Kohlberg Kravis Roberts & Co (KKR.N). North American shale fields are drawing billions of dollars from companies that are eager to learn the techniques to tap into the difficult geological formations. Blackstone said on Tuesday it teamed up with shale gas developer Alta Resources to form Alta Energy Partners and they are committing to invest up to $1 billion via this entity to acquire and develop unconventional oil and gas assets in North America. Unconventional assets include shale rock fields that may hold vast quantities of oil and gas but are more expensive to tap than traditional energy reservoirs.
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