Private equity firm Blackstone Group LP and LLOG Exploration Company LLC will jointly invest $1.2 billion to expand the private offshore oil producer's operations in the Gulf of Mexico.Blackstone and other private equity firms have been investing in the capital-intensive oil and gas industry as the United States is working towards meeting its energy needs.The International Energy Agency forecast on Monday that the United States will overtake Saudi Arabia as the world's top oil producer by 2017.LLOG plans to use the funds to develop four recent deepwater discoveries and to explore more than 110 offshore leases in the Gulf of Mexico.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX remained unchanged at $14.50. In the past year, the shares have traded as low as $11.13 and as high as $17.25. On average, 2641940 shares of BX exchange hands on a given day and today's volume is recorded at 0.
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