Stephen Schwarzman is drilling up north for deals.
The private equity mogul’s Blackstone Group is in serious talks with Canadian oil and gas giant Encana about purchasing some of its assets, two sources close to the situation told The Post.
Encana, based in Calgary, Alberta, said in January it was willing to sell its Deep Panuke natural gas project off Nova Scotia’s coast as it focused on five other core areas of production.
The Encana CEO said last week the company, though, was not actively trying to sell Deep Panuke.
Deep Panuke is a $1 billion project that benefits from higher gas prices when the cold grips the US Northeast, as is happening now.
Schwarzman in 2012 raised the $2.5 billion Blackstone Energy Partners fund to make controlling investments within the energy and natural resources sector.