Riverstone Energy Exits Gulf of Mexico Venture in $172 Million Sale

Proceeds from Riverstone Energy’s exit of ILX III provides additional funds to accelerate the firm’s investments in decarbonization and low-carbon power generation, says Chairman Richard Hayden.

Riverstone Energy Exits Gulf of Mexico Venture in $172 Million Cash Sale

ILX III is a Houston-based joint venture with Ridgewood, focused on the strategy of acquiring nonoperated working interests in oil-focused exploration projects in the Gulf of Mexico. (Source: Shutterstock.com)

Riverstone Energy Ltd. recently agreed to exit its oil and gas venture in the U.S. Gulf of Mexico as part of a push to instead boost low-carbon energy investments.

“We believe that our focus on originating and executing investments that support the portfolio’s focus on decarbonization and low-carbon power generation themes will provide REL shareholders with access to a unique set of opportunities that generate strong financial returns while having a positive impact on climate change,” commented Richard Hayden, chairman and non-executive independent director of Riverstone, in a release from the firm on July 22.

In the release, Riverstone said it sold its one-third ownership interest in ILX Holdings III to an institutional investment fund managed by Ridgewood Energy Corp. for $172 million in cash.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.