Blackstone Group LP is investing up to US$800 million in Tamarind Energy, a Malaysia-based oil and gas exploration and production start-up, the Wall Street Journal reported.
The deal marks the US private-equity firm’s first investment in the oil and gas sector in Southeast Asia, according to the report.
Tamarind will focus on using new technologies and expertise to increase yields from fields where production is in decline. It will aim to partner with government firms to help them increase output.
Among the innovations the firm plans to seek are horizontal wells that allow companies to tap multiple sources from the same platform and more efficient techniques for separating water and oil, chief executive Ian Angell was quoted as saying.
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