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

The deal increases Ineos Energy’s production globally to over 90,000 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 will now transfer to Ineos Energy. Its US Gulf assets and strategic partnerships in major US energy projects will further complement Ineos’ existing US onshore portfolio.

The deal includes a portfolio of non-operated assets built around two deepwater early production assets (Appomattox and Stampede) in the US Gulf. In addition, Ineos has acquired several mature assets and supporting businesses.  

David Bucknall, CEO of 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 $3 billion, 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.