INEOS acquires oil and gas assets in U.S. Gulf from CNOOC

INEOS Energy has completed its acquisition of the U.S. Gulf business held by CNOOC Energy Holdings U.S.A. Inc., a U.S. subsidiary of CNOOC International Ltd. (CNOOC).

The deal increases INEOS Energy’s production globally to over 90,000 barrels of oil equivalent per day (boed) and marks the third major investment by INEOS Energy in the U.S., in the past three years, following the 1.4 mtpa 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 business now transfers into INEOS Energy. Its U.S. Gulf assets and strategic partnerships in major U.S. energy projects, will further complement INEOS’ existing US onshore portfolio.

The deal includes a portfolio of non-operated assets built around two deepwater early production assets (Appomattox and Stampede) in the U.S. Gulf. In addition, INEOS acquires several mature assets and supporting business. 

"The U.S. is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4 mtpa 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 U.S. now exceeds $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 (CCS).