The deal increases INEOS Energy’s production globally to over 90,000 barrels of oil equivalent per day.
Dec 27, 2024
INEOS Energy, a UK-based global chemical, manufacturing and energy company, has announced the acquisition of the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A. Inc., a U.S. subsidiary of global energy company CNOOC International Limited.
The deal increases INEOS Energy’s production globally to over 90,000 barrels of oil equivalent per day. These assets in the Gulf of Mexico are the third major investment by INEOS Energy in the US, in the past three years, following the 1.4 million TPA LNG deal completed with Sempra in December 2022 and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas in May 2023.
The deal includes a portfolio of non-operated assets built around two deep water early production assets (Appomattox and Stampede) in the Gulf of Mexico. In addition, INEOS acquires several mature assets and supporting businesses.
Brian Gilvary, Chairman of INEOS Energy said: “This is a major step for us into the deepwater Gulf of Mexico, which builds on our growing energy business. INEOS Energy is all about competing in the energy transition to provide reliable, affordable energy to meet world demand as the population continues to grow. And progressing carbon storage projects.”
The CNOOC Gulf of Mexico assets and strategic partnerships in major U.S. energy projects, will further complement INEOS’ existing onshore portfolio.
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David Bucknall, CEO of INEOS Energy said, “The USA is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4 million TPA LNG deal with Sempra and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas. Total capital spent on energy assets in the US now exceeds USD 3 billion, providing a strong platform for future growth.”
The acquisition of the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A. is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.
