INEOS Energy acquires the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A. Inc., a U.S. subsidiary of CNOOC International Limited (CNOOC). This is the third major investment by INEOS Energy in the USA, in the past three years.
The deal increases INEOS Energy’s production globally to over 90,000 barrels of oil equivalent per day.
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 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.
INEOS Energy claims that capital spending on energy assets in the USA now exceeds $3bn.
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.
To remind, the business is actively producing and trading oil, gas, power and carbon credits, as well as investing in LNG, and carbon capture and storage.
“This is a major step for us into the deepwater Gulf of Mexico, which builds on our growing energy business,” said Brian Gilvary, chairman of INEOS Energy.
Last week INEOS, the day-to-day operator, with its partners Harbour Energy and Nordsøfonden, announced it had made a final investment decision (FID) on the first commercial phase ‘Greensand Future’ with storage operations set to begin at the end of 2025 or early 2026.
This decision paves the way for expected investments of more than $150m, INEOS Energy said, across the Greensand CCS value chain.
The acquisition of the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A. is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.
