Riverstone Holdings announced that it has committed to invest up to USD 100M in Carrier Energy Partners II (Carrier II). With offices in Sugar Land, Texas, Carrier II is focused on the acquisition and exploitation of upstream oil and gas assets. Its primary objective is to partner with select operators that are developing both unconventional and conventional reservoirs in North America. The Riverstone commitment comprises USD 67M from Riverstone Global Energy and Power Fund VI and USD 33M from Riverstone Energy.
Riverstone and Carrier II Management previously formed Carrier Energy Partners (Carrier I) in August 2013 to pursue the same strategy. Since then Carrier has participated in two joint ventures targeting development of oil and gas assets in the Delaware Basin and in a legacy conventional field located in South Texas. The additional Riverstone commitment comes at a time when demand for non-operating partner capital has increased.
Carrier II President and CEO Mark Clemans commented: “It is a privilege for us to continue our non-operated platform in oil and gas with Riverstone, who has been an invaluable investment partner for us throughout Carrier I. We look forward to continuing to be a reliable partner for operators focused on asset development and value creation in resource plays and other capital intensive basins.”