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Blackstone to invest $1.5 billion in Permian basin

Staff Writer |
Blackstone Group will invest about $1.5 billion in the oil-rich Permian basin, in Texas and New Mexico.

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Blackstone said it would partner with oil and gas company Jetta Operating to create Jetta Permian, which will spend $1 billion on assets in the Delaware Basin, located in the larger Permian basin.

Blackstone also said it would spend $500 million on future acquisitions, to be made through its recently formed oil and gas company, Guidon Energy.

Guidon Energy bought about 22,000 gross acres in Texas in April.

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