Tamarind Energy & Blackstone Energy Partners to Form $800 Million Partnership with a Focus on South East Asia Oil & Gas Devel...
31 July 2014 - 8:05AM
Business Wire
Tamarind Energy (“Tamarind” or the “Company”), a new exploration
and production company headquartered in Kuala Lumpur, today
announced its formation with a commitment from Blackstone Energy
Partners. The Tamarind team is composed of a deep bench of senior
executives with significant experience across a range of basins in
South East Asia with a proven track record of delivering complex
projects safely while creating significant value for their
corporate partners and host governments. Tamarind will focus on
growing production and reserves from producing oil and gas fields,
efficiently developing discoveries and capturing exploration
potential in and around proven plays to build a high-quality
portfolio.
Blackstone Energy Partners and affiliated funds have provided a
capital commitment of up to US$800 million alongside Tamarind
management to create a significant upstream company with an
emphasis on building long-term, strategic relationships with host
governments, South East Asian national oil companies and key
regional stakeholders.
Ian Angell, Chief Executive Officer, said, “The Tamarind team
has always welcomed the opportunity to develop and improve
performance of fields which others put in the 'too hard' basket.
Given our approach, which begins with a regional geological
perspective, we are able to pursue innovative reservoir management
with fit-for-purpose facilities to find and develop reserves. We
then knit this together with creative commercial solutions that can
add significant value for our partners and host governments. We are
excited about the significant commitment from Blackstone and our
growing partnership. Blackstone’s successful track record of
investing in energy assets globally and extensive industry
relationships in combination with the experience of the Tamarind
team in South East Asia should allow us to capitalize on
opportunities and be a partner of choice in the region.”
Angelo Acconcia, a Managing Director with Blackstone Energy
Partners who oversees their investments in the oil and gas sector,
said, “We are very pleased to form this strategic partnership with
Tamarind which capitalizes on our global energy and oil and gas
experience combined with a best in class management team at
Tamarind who have significant experience and a favorable track
record as a trusted and value added partner to its host governments
and corporate partners. Ian and the team are uniquely situated to
contribute deep technical and operational expertise to any
situation having successfully completed several complex offshore
field developments in the region previously.”
Blackstone Senior Managing Director and CEO of Blackstone Energy
Partners David Foley said, “Our partnership with Tamarind is
another example of our growing global energy practice and the track
record we have of identifying and backing best in class managers to
build world scale energy businesses. This investment further
underlines our strong support and commitment to South East Asia
following Blackstone’s Singapore office opening late last
year.”
About Blackstone Energy Partners and Blackstone
(NYSE:BX)
Blackstone Energy Partners is Blackstone’s energy-focused
private equity business, with a successful record built on
Blackstone’s industry expertise and partnerships with exceptional
management teams. Blackstone has invested approximately $7 billion
of equity globally across a broad range of sectors within the
energy industry.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with almost $300 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Blackstone also
provides various financial advisory services, including financial
and strategic advisory, restructuring and reorganization advisory
and fund placement services. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Citigate Dewe RogersonCharlotte Bilney,
+852-9314-3463Co-Managing DirectororAmy Leung,
+852-9327-3335Associate DirectororBlackstonePeter Rose, +1
212-583-5871Rose@blackstone.com
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