• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 22 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 21 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 22 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 3 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 15 hours Why hydrogen economics does not work
  • 14 hours China goes against US natural gas
Alt Text

U.S. Drillers Add Double Digit Oil, Gas Rigs

Despite the correction in oil…

Alt Text

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Jen Alic

Jen Alic

 

More Info

Trending Discussions

Alfa Billionaires Launch L1 Energy Fund

Alfa Billionaires Launch L1 Energy Fund

The former owners of TNK-BP and the Alfa Group let it be known in March that they were shopping around with their eyes on the oil industry in a big way; this week, the Alfa Group announced it would invest $10-$20 billion or more in global oil and gas projects.

They’ve been looking for somewhere to put the billions they made on the sale of their TNK-BP Russian venture last year. Alfa Group took in $14 billion in the March sale of the TNK-BP joint venture to Russian state-run Rosneft.

Related Article: How to Position Yourself as the Natural Gas Market Moves through its Cycle

Behind the $20 billion+ fund is billionaire Mikhail Fridman and German Khan—Fridman’s former Alfa partner. Khan will run the fund, called L1 Energy, which is based in London and part of the Alfa Group’s new LetterOne Group investment vehicle.

The fund’s advisors include some prominent oil executives, including former BP CEO Lord Browne. Browne is now a partner at Riverstone energy-focused equity fund. Also on the board is Andrew Gould, chairman of BG Group and former CEO of Schlumberger, as well as Jim Hackett, former chairman of Anadarko Petroleum Corp.

The investment plan foresees $10 billion in equity investments in the oil and gas sector over the next 3-5 years, and a potential $20 billion on acquisitions and partnerships by 2018.

By. Jen Alic of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News