Ineos and Repsol Look at Exxon Oilfields

Petrochemicals mammoth Ineos as well as Spanish oil producer Repsol are reportedly talking to Exxon Mobil about a package of offshore oilfields the US oil and petchems giant may sell in the Gulf of Mexico.

Citing sources, the news agency Bloomberg said the assets could be worth as much as $1.5 billion.

A deal with Repsol would expand the Spanish group’s existing position in the resource-rich region, while Ineos would gain a foothold in the Gulf for the first time as an oil and gas producer. It already has petrochemical plants dotted throughout the region.

The Swiss-based group, which manages its energy business from the UK and has shown increasing in oil, last year unsuccessfully bid for North Sea oil and gas US oil major ConocoPhillips put up for sale.  More recently, it bid for Chevron Gulf assets.

According to Bloomberg’s sources, Exxon could sign a deal with one of the bidders within a month, although nothing has been agreed thus far.