INEOS acquires CNOOC assets in U.S. Gulf

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 Limited (CNOOC). The business now transfers into INEOS Energy.

The portfolio includes non-operated oil and gas assets built around two deep water early production assets (Appomattox, shown; and Stampede). (Photo: INEOS Energy)

The deal includes a portfolio of non-operated oil and gas assets built around two deep water early production assets (Appomattox and Stampede) in the U.S. Gulf. Acquisition of the assets increases INEOS Energy’s production globally to over 90,000 barrels of oil equivalent per day. In addition, INEOS acquires several mature assets and supporting business.

“This is a major step for us into the deepwater U.S. Gulf, which builds on our growing energy business,” said Brian Gilvary, chairman of INEOS Energy. “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 U.S. Gulf assets and strategic partnerships in major U.S. energy projects will further complement INEOS’ existing U.S. onshore portfolio, the company stated. The acquisition marks the company’s third major investment 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 USA is a very attractive place for INEOS Energy to invest,” said David Bucknall CEO INEOS Energy. “Total capital spend on energy assets in the USA now exceeds $3 billion, providing a strong platform for future growth.”

According to the company, it is committed to a dual track approach to meet society’s energy needs through the current energy transition and to investment in carbon storage. It is actively producing and trading oil, gas, power and carbon credits, as well as investing in LNG and Carbon Capture and Storage.