The companies have appointed Barclays to find suitable buyer for their Gulf of Mexico JV. Credit: Andrea Wright.

Asset management firm Blackstone Group and LLOG Exploration Company are reportedly exploring the sale of their Gulf of Mexico oil exploration joint venture (JV), LLOG Bluewater.

The partners expect to sell the JV for more than $2bn, Reuters reported citing unnamed sources.

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In November 2012, Blackstone and LLOG formed a strategic partnership and pledged an investment exceeding $1.2bn to enhance the latter’s offshore operations in the Gulf of Mexico.

“Initial information was sent out to potential buyers last week.”

The companies have engaged Barclays to pursue the divestment. One of the sources told the news agency that initial information was sent out to potential buyers last week.

Last year, LLOG had average gross daily production of 135,000 barrels of oil equivalent (boe). The exploration firm commenced production at two-well Crown & Anchor oil discovery in June and expects to bring online six additional wells by the end of this year.

Crown & Anchor produces at a gross rate of more than 10,000boe/d.

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The proposed sale marks the latest deal in the US Gulf of Mexico, as companies with capital-intensive investments in the basin intend to capitalise on higher oil prices and sell their assets at higher valuations, according to the news agency.

Last month, it was reported that Exxon Mobil and Shell were considering the sale of assets in the basin.

Petrobras America also formed a JV with a subsidiary of Murphy Oil in the Gulf of Mexico, contributing its producing assets in the basin. Murphy will have an 80% stake in the JV and Petrobras will hold the remaining interest.