INEOS Energy has closed a deal for Gulf of Mexico assets held by CNOOC Ltd.’s U.S. subsidiary, its third major transaction in the U.S. in the past three years.

INEOS reportedly paid $2 billion for the assets, according to Reuters. Britain’s INEOS didn’t specify the purchase price but said in an April 2 press release that INEOS’ capital spending in the U.S. since 2022 totals $3 billion.

The acquisition increases INEOS’ global production to more than 90,000 boe/d, the company said. INEOS’ previous U.S. deals include a 2022 LNG agreement with Sempra Energy and the 2023 purchase of Eagle Ford assets from Chesapeake Energy (now Expand Energy) for $1.4 billion.

Brian Gilvary, chairman of INEOS Energy, said the CNOOC purchase is a major step for the company in deep water offshore the U.S., “which builds on our growing energy business.”

The deal includes a portfolio of non-operated assets built around two deepwater early production assets—Appomattox and Stampede. In addition, INEOS acquired several “mature assets and supporting business,” according to the press release.

“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,” Gilvary said.

Comments