INEOS Energy has announced the completion of the acquisition of the US Gulf business held by CNOOC Energy Holdings U.S.A. Inc., a U.S. subsidiary of CNOOC International.

The deal increases INEOS Energy’s production globally to over 90 thousand barrels of oil equivalent per day and marks 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.  

The business now transfers into INEOS Energy. Its US Gulf assets and strategic partnerships in major U.S. energy projects, will further complement INEOS’ existing US onshore portfolio.

The deal includes a portfolio of non-operated assets built around two deep water early production assets (Appomattox and Stampede) in the US Gulf. In addition, INEOS acquires several mature assets and supporting business.   

David Bucknall CEO INEOS Energy said: “The USA is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4 mtpa LNG deal with Sempra and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas. Total capital spend on energy assets in the USA now exceeds $3billion, providing a strong platform for future growth.”

INEOS Energy is committed to a dual track approach, to meet society’s energy needs through the current energy transition and to investment in carbon storage. The business is actively producing and trading oil, gas, power and carbon credits, as well as investing in LNG, and Carbon Capture and Storage.