INEOS Energy Acquires CNOOC Oil and Gas Assets

On April 2, Ineos Energy announced the completion of its acquisition of the US Gulf of Mexico business held by CNOOC Energy Holdings USA, the US subsidiary of CNOOC International Limited.

The transaction will increase INEOS Energy's global production to more than 90,000 barrels of oil equivalent per day and is the third major investment made by INEOS Energy in the United States in the past three years, following the company's 1.4 million tons/year LNG transaction with Sempra completed in December 2022 and the acquisition of Chesapeake Energy's oil and gas assets in South Texas in May 2023.

CNOOC's US Gulf of Mexico assets and strategic partnership in major US energy projects will further complement INEOS' existing US onshore asset portfolio.

The transaction includes a portfolio of non-operated assets built around two deepwater early-stage producing assets in the US Gulf of Mexico (Appomattox and Stampede). In addition, INEOS has acquired a number of mature assets and supporting businesses.

David Bucknall, CEO of INEOS Energy, said: "The United States is a very attractive investment location for INEOS Energy. This is our third transaction in three years, and total capital expenditure on US energy assets has now exceeded US$3 billion, providing a strong platform for future growth."

INEOS Energy is committed to a dual track approach, meeting society's energy needs through the current energy transition and investing in carbon storage. The company actively produces and trades oil, gas, electricity and carbon credits, and invests in liquefied natural gas and carbon capture and storage.