DALLAS – Venari Resources LLC, an early-stage company focused on deepwater oil exploration in the Gulf of Mexico, has announced that Warburg Pincus, Kelso & Co., Temasek, and The Jordan Co. have agreed to make an investment of up to $1.125 billion in the company.
Venari CEO Brian Reinsborough said: “We are excited to partner with these top investment firms in this new venture and look forward to growing the business into an industry leader. The deepwater Gulf of Mexico remains one of the most attractive basins in the world to search for large oil reserves, and we are thrilled to have such a strong financial commitment to build the company in the deepwater.
“Being part of one of the largest private financings for a start-up company in the oil and gas sector is a tremendous testament to the team and to the future of the deepwater Gulf of Mexico.”
In Seon Hwang, managing director at Warburg Pincus, which led the investment in Venari said: “We are pleased to continue our partnership with Brian and are looking forward to growing the company as it explores new resource opportunities in the Gulf of Mexico. With Venari as our sixth investment in the basin over the past 25 years, we have long identified the Gulf of Mexico as an attractive area of high geologic potential.
“Today, with the establishment of new environmental protocols and the revival of drilling and permitting activity, the basin offers a safer operating environment and an attractive opportunity to build a meaningful business.”