INEOS Energy adds Gulf of Mexico assets to growing US portfolio with CNOOC deal

INEOS Energy has struck its third major investment in US oil and gas assets in recent years, agreeing to acquire the Gulf of Mexico business held by CNOOC Energy Holdings USA Inc., a US subsidiary of CNOOC International Ltd. Financial terms were not disclosed. 

The deal, which includes interest in non-operated deep water early production assets Appomattox (Shell-operated, 79%; CNOOC, 21%) and Stampede (Hess Corp.-operated, 25%; CNOOC, 25%), increases INEOS Energy’s production globally to over 90,000 boe/d, the company said in a release Dec. 14. With the agreement, INEOS Energy also will acquire “several mature assets and supporting business,” it said. 

US oil, gas asset deals

Since December 2022, INEOS Energy has made three major investments in the US. That year, the company completed the 1.4 million tonnes/year LNG offtake deal with Sempra, and in May 2023 signed a deal with then-named Chesapeake Energy (now Expand Energy) for oil and gas assets in South Texas for $1.4 billion (OGJ Online, Dec. 1, 2022; Feb. 21, 2023).

“The USA is a very attractive place for INEOS Energy to invest,” said David Bucknall, chief executive officer, INEOS Energy. Additionally, he said, the “CNOOC Gulf of Mexico assets and strategic partnerships in major US energy projects will further complement INEOS’ existing onshore portfolio.” 

Total capital spend on energy assets in the US by the company now exceeds $3 billion, Bucknall said.