The offshore operator LLOG Exploration is exploring the possibility of being acquired in a transaction that could reach US$3 billion, including debt. This process is being coordinated by Guggenheim Securities, according to sources close to the matter.
Special conditions for preserving the legacy in LLOG Exploration
Founded in 1977 by Gerald Boelte, the company remains a major player in the deepwater and ultra-deepwater Gulf. Following his death in 2024, the Boelte family remains as a major shareholder. Any agreement would include clauses to preserve the company’s name, its headquarters in Covington and the continuity of the staff.
Although merger and acquisition activity in the upstream sector is upstream sector sector in the United States has slowed after two intense years, the Gulf of Mexico continues to attract interest for its long-term production potential. LLOG represents a key opportunity for international operators or energy majors looking to gain a foothold in this offshore region.
The company’s attractiveness has recently been reinforced with the entry into operation of the Salamanca floating production unit, which supports extraction in the fields of León and Castilla. Repsol is one of the main partners in this development, which reinforces the international projection of the project.
In recent weeks, Guggenheim has initiated exploratory discussions with a limited number of potential buyers. Although no transaction is guaranteed, market conditions and LLOG’s operating profile could be conducive to a sale in the coming months.
Source and photo: Reuters
