These assets in the Gulf of Mexico are the third major investment by INEOS Energy in the USA, in the past three years, following the 1.4 million tpy 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 business.
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, whilst progressing carbon storage projects.”
The CNOOC Gulf of Mexico assets and strategic partnerships in major US energy projects, will further complement INEOS’ existing onshore portfolio.
David Bucknall, CEO, INEOS Energy said, "The US is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4 million tpy LNG deal with Sempra and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas. Total capital spend on energy assets in the US now exceeds US$3 billion, providing a strong platform for future growth.”
INEOS Energy is committed to a dual track approach, to meet society's energy needs through the current energy transition and to investment in carbon storage. The business is actively producing and trading oil, gas, power and carbon credits, as well as investing in LNG, and carbon capture and storage.