Private equity firm Blackstone is considering the sale of Olympus Energy, a natural gas explorer based in Canonsburg, Pennsylvania, reported Bloomberg, citing people familiar with the matter.

The sale value of the natural gas explorer operating in the Appalachian region could be approximately $2bn.

The alternative asset manager is working with financial advisers to find a potential buyer for the natural gas company.

No final decision has been made, and Blackstone may choose to retain ownership. Currently, the discussions are confidential, reported the sources.

A representative for Blackstone declined to comment on the matter, and Olympus Energy has not yet responded to requests for comment, reported the publication.

Established in 2012 as Huntley & Huntley Energy Exploration, Olympus Energy, which was rebranded in 2019, operates on approximately 100,000 net acres in south-western Pennsylvania, US.

In early 2024, Chesapeake Energy agreed to merge with Southwestern Energy in a $7.4bn deal, forming what is said to be the largest natural gas producer in the US. This merged entity is now known as Expand Energy.

Blackstone company oversees more than $1trn in assets.

In November 2024, Blackstone Credit & Insurance (BXCI), a unit of Blackstone, formed a midstream joint venture (JV) with EQT, a US-based natural gas producer.

The JV encompasses EQT’s key infrastructure assets including the Mountain Valley pipeline (MVP), transmission and storage facilities, and the Hammerhead pipeline.

As per the terms of the deal, BXCI is required to invest $3.5bn in cash for a non-controlling equity stake, valuing the JV at $8.8bn.