UK energy company, Ineos Energy has acquired the Gulf of Mexico business of CNOOC Energy Holdings, USA, the US subsidiary of the Chinese oil and gas giant.
This deal will increase INEOS’ worldwide production to over 90,000 boe per day.
The Gulf of Mexico asset purchase mark the company’s third major investment in the US in three years, following the 1.4 mill tonnes per annum of LNG agreed with Sempra in December 2022 and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas in May, 2023.
The latest deal includes a portfolio of non-operated assets - Appomattox and Stampede - in the Gulf of Mexico. In addition, INEOS will gain several mature assets and supporting businesses.
The deal is still subject to regulatory approvals and other terms and conditions.
Brian Gilvary, INEOS Energy Chairman said: “This is a major step for us in the deepwater Gulf of Mexico, which builds on our growing energy business.
“INEOS Energy is all about competing in nergy transition to provide reliable, affordable energy to meet world demand, as the population continues to grow. And progressing carbon storage projects,” he said.
INEOS Energy CEO, David Bucknall, added: “The USA is a very attractive place for INEOS Energy to invest. This is our third deal in three years, following the 1.4 mill tonnes per annum LNG deal with Sempra and the acquisition of Chesapeake Energy’s oil and gas assts in South Texas.
“Total capital spend on energy assets in the USA now exceeds $3 bill, providing a strong platfomr for future growth,” he said.
The company also said that it was committed to a dual-track approach to meet society’s energy needs through the current energy transition and to invest in carbon storage.
INEOS Energy is actively producing and trading, oil, gas, power and carbon credits, as well as investing in LNG and CCS.
