Private equity group Blackstone Energy Partners is backing a new exploration and production company, headquartered in Kuala Lumpur, Malaysia.
Tamarind Energy was formed end July with a commitment from Blackstone and will focus on growing production and reserves from producing oil & gas fields thought ‘too hard’ by other upstream companies. It will also develop discoveries and capture exploration potential in and around proven plays to build a portfolio of oil & gas assets.
Tamarind has recruited a team 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”, the launch statement read.
Blackstone Energy Partners and affiliated funds have provided a capital commitment of up to US$800 million alongside Tamarind management to create the upstream company with an emphasis on building long-term, strategic relationships with host governments, South East Asian national oil companies and key regional stakeholders.
Tamarind CEO Ian Angell commented: “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 capitalise on opportunities in the region.”
Angelo Acconcia, a managing director with Blackstone Energy Partners who oversees its investments in oil & gas,
added: “We are very pleased to form this strategic partnership with Tamarind which capitalises on our global energy and oil & gas experience combined with a ‘best in class’ management team at (that has) signifi cant experience and a favourable track record as a 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 off shore field developments in the region previously.”
Blackstone has invested approximately US$7 billion across a broad range of sectors within the energy industry.