Private equity group Blackstone Energy Partners has confirmed it is set to form an $800 million partnership with Kuala Lumpur-based start-up Tamarind Energy.
Tamarind announced its formation on Thursday and confirmed Blackstone and affiliated funds had provided a capital commitment of up to $800 million to create the upstream company which will primarily focus on South-East Asia oil and gas developments.
“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,” Tamarind chief executive Ian Angell said.
“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.”
“We are very pleased to form this strategic partnership with Tamarind which capitalises 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 favourable track record as a trusted and value added partner to its host governments and corporate partners,” Blackstone’s managing director who oversees investments in the oil and gas sector, Angelo Acconcia, said.
“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.”
Tamarind is understood to be led by veteran oil and gas professionals with extensive experience in Malaysia and South-East Asia who migrated from Calgary-based Talisman Energy. Angell previously served as Talisman's business development manager from 2009 until May this year.