Ineos Energy has acquired the Gulf of Mexico business held by the US subsidiary of Chinese company CNOOC International Limited.
The deal increases Ineos’ 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 the company 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.
The UK firm also claimed that capital spending on energy assets in the USA exceeds $3bn following the acquisition of CNOOC assets.
According to Reuters, quoting a person with direct knowledge of the matter who was not authorised to speak to the media, Ineos paid just under $2bn for the assets.
The deal includes a portfolio of non-operated assets built around the Appomattox and Stampede deepwater early production assets in the Gulf of Mexico. In addition, Ineos bought several mature assets and supporting businesses.
In recent company developments, Ineos, with its partners Harbour Energy and Nordsøfonden, announced last week it made a final investment decision on the first commercial phase for the Greensand Future CCS project with storage operations set to begin at the end of 2025 or early 2026.
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