Asset manager Blackstone Group LP (BX.N) will invest about $1.5 billion in the oil-rich Permian basin, in Texas and New Mexico.

The company said it would partner with oil and gas company Jetta Operating Co Inc 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.

READ FULL ARTICLE HERE