Ineos Energy has acquired the Gulf of Mexico business held by CNOOC Energy Holdings USA, the company’s third major US investment in the past three years.
The deal includes a portfolio of non-operated assets built around two deepwater early production assets (Appomattox and Stampede) in the Gulf of Mexico. In addition, INEOS acquired several mature assets and supporting business.
The new deal increases INEOS Energy’s production globally to over 90,000 barrels of oil equivalent per day.
Ineos previously completed a 1.4 mtpa LNG deal with Sempra in December 2022 and acquired Chesapeake Energy’s oil and gas assets in South Texas in May 2023.
Chairman of Ineos Energy Brian Gilvary 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.
Ineos Energy CEO David Bucknall added: “The US is a very attractive place for Ineos Energy to invest. Total capital spend on energy assets in the US now exceeds $3b, providing a strong platform for future growth.”
The acquisition of the Gulf of Mexico business held by CNOOC is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.
Outside the US, Ineos, along with partner Harbour Energy, reached a final investment decision on its Greensand Future carbon storage project in the Danish North Sea this month.
The FID paves the way for a close to $150 million investment in the “first full-scale” carbon storage project in the EU after the completion of a pilot phase in September.
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