Blackstone has announced the establishment of Jetta Permian, which will target assets and leasehold in the Delaware Basin in West Texas and southern New Mexico.
It will have $1bn capital, supplied by Blackstone Energy Partners and Jetta Operating Company.
Jetta’s strategy includes pursuing asset and leasehold acquisition opportunities and the farm-in of transactions and partnerships or joint ventures with existing operators and landowners.
Blackstone's senior managing director Angelo Acconcia said, “We are excited to partner with Greg and the Jetta team to launch this new platform in the Delaware Basin. It is a great example of our focus on aligning ourselves with best-in-class teams, and providing them with significant long-term, patient, and flexible capital to effectuate a focused and unique business plan.
"We have known the Jetta team for a number of years, and have come to respect them as top-tier operators with a unique local presence in the Delaware Basin.
"We believe that Jetta Permian is well positioned to become one of the leading Delaware Basin pure-play companies and a partner of choice for those that are looking for someone to provide additional capital and operational resources to optimally develop their assets and / or leasehold.”
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By GlobalDataJetta's president and owner Greg Bird said: “With a $1.0 billion equity commitment and with the collective resources of the Blackstone team to support the partnership, coupled with the Jetta team’s operating capabilities and track record, this will allow for and enable the strategic and successful acquisition and development of high quality oil and gas assets in the Delaware Basin.
"Jetta is excited to have the confidence of an institution like Blackstone with its broad financial resources, reputation of excellence and oil and gas track record. The teams assembled to work on this partnership are exceptional. We look forward to the challenges ahead and to applying our technical passion, experience, and diligence into creating a pure play Delaware Basin platform.”
Jetta Operating Company is a privately held oil and gas company founded in 1991 and headquartered in Fort Worth, Texas. Blackstone Energy Partners is Blackstone's energy-focused private equity business.
