Blackstone-Backed Beacon Offshore Bets on US Gulf With New Wells

Beacon Offshore Energy LLC, an oil explorer backed by Blackstone Inc., is betting on a drilling renaissance in the Gulf of Mexico as it starts up some of the most productive wells in the US using new technology to pump once-impossible-to-reach crude.

The company’s four wells, which started producing between July and October, are each pumping an average of 25,000 barrels a day, Chief Financial Officer Marc Hensel said in an interview.