The European Commission has approved the creation of an oil and gas joint venture that will have activities only in the US.

It gave the green light for Apollo Management and Ares Management Corporation’s plans for exploration and development of oil and gas projects through the new joint venture.

Apollo is active in the private investments sector, with investments in various businesses across the globe and Ares is a publicly traded global alternative asset manager.

The Commission said the proposed transaction would raise no competition concerns because the joint venture has no actual and foreseen activities within the European Economic Area.