INEOS Energy has completed the acquisition of CNOOC’s oil and gas assets in the Gulf of America, increasing its global oil production to over 90 thousand barrels of oil equivalent per day.
The completion of the deal marks the third major investment by INEOS Energy in the United States, in the past three years and increases capital spend on energy assets by INEOS in the USA to above $3 billion.
This included 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 deal for the acquisition of CNOOC’s subsidiary CNOOC Energy Holdings U.S.A includes a portfolio of non-operated assets built around two deep water early production assets - Appomattox and Stampede - in the Gulf of America.
In addition, INEOS has acquired several mature assets and supporting business.
“This is a major step for us into the deepwater US Gulf, which builds on our growing energy business. INEOS Energy is all about competing in the energy transition to provide reliable, affordable energy to meet world demand as the population continues to grow. And progressing carbon storage projects,” said Brian Gilvary, Chairman of INEOS Energy.
"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 $3 billion, providing a strong platform for future growth,” added David Bucknall CEO INEOS Energy.