INEOS Energy has completed the acquisition of CNOOC Energy Holdings USA ‘s Gulf of Mexico oil and gas assets. The transaction increases the company’s global production to over 90,000 barrels of oil equivalent per day and underscores its commitment to expansion in the United States.
The acquisition of oil and gas assets
This acquisition represents INEOS Energy’s third investment in the United States in the past three years. In 2022, the company signed a 1.4 million tonnes/year LNG agreement with Sempra , and in 2023, it acquired Chesapeake Energy ‘s assets in South Texas. These transactions bring INEOS ‘ total investment in US energy assets to more than $3 billion.
The recent transaction includes a portfolio of non-operated assets, highlighting two deepwater production projects: Appomattox and Stampede . These strategic assets join INEOS’ robust onshore project portfolio, strengthening its position in the sector.
The United States is a very attractive investment location for INEOS Energy. This is our third deal in three years, following the 1.4 million tonnes/year LNG deal with Sempra and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas. Total investment in US energy assets now exceeds $3 billion, providing a solid platform for future growth.
David Bucknall, CEO of INEOS Energy.
The company produces and markets oil, gas, electricity, and carbon credits, while promoting LNG projects and participating in decarbonization initiatives such as offshore carbon dioxide storage and the development of hydrogen as a clean energy source.
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Source and photo: INEOS Energy
