The former owners of TNK-BP and the Alfa Group let it be known in March that they were shopping around with their eyes on the oil industry in a big way; this week, the Alfa Group announced it would invest $10-$20 billion or more in global oil and gas projects.
They’ve been looking for somewhere to put the billions they made on the sale of their TNK-BP Russian venture last year. Alfa Group took in $14 billion in the March sale of the TNK-BP joint venture to Russian state-run Rosneft.
Behind the $20 billion+ fund is billionaire Mikhail Fridman and German Khan-Fridman’s former Alfa partner. Khan will run the fund, called L1 Energy, which is based in London and part of the Alfa Group’s new LetterOne Group investment vehicle.
The fund’s advisors include some prominent oil executives, including former BP CEO Lord Browne. Browne is now a partner at Riverstone energy-focused equity fund. Also on the board is Andrew Gould, chairman of BG Group and former CEO of Schlumberger, as well as Jim Hackett, former chairman of Anadarko Petroleum Corp.
The investment plan foresees $10 billion in equity investments in the oil and gas sector over the next 3-5 years, and a potential $20 billion on acquisitions and partnerships by 2018.
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