General – Acquisition
INEOS Energy has announced the completion of the acquisition of the US Gulf business held by CNOOC.
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 to 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 businesses.
