Expansion of INEOS Energy’s U.S. Operations
INEOS Energy has successfully completed the acquisition of CNOOC Energy Holdings U.S.A. Inc., a subsidiary of CNOOC International Limited. This strategic move significantly boosts INEOS Energy’s global production, raising it to over 90,000 barrels of oil equivalent per day. The acquisition marks the third major U.S. investment by the company in three years. Previous investments include a liquefied natural gas (LNG) agreement with Sempra in December 2022 and the purchase of Chesapeake Energy’s oil and gas assets in South Texas in May 2023. By incorporating these newly acquired U.S. Gulf assets into its portfolio, INEOS Energy strengthens its foothold in the American energy sector, complementing its existing onshore operations.
Details of the Acquisition
As part of the deal, INEOS Energy gains access to a range of non-operated assets, including two deep-water early production facilities—Appomattox and Stampede—in the U.S. Gulf of Mexico. The company will also take over several mature assets and supporting businesses, further expanding its presence in the offshore energy market. These additions align with INEOS Energy’s broader strategy of diversifying its energy assets and securing long-term growth opportunities in the industry.
David Bucknall, CEO of INEOS Energy, emphasized the importance of the U.S. market in the company’s investment plans. “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,” Bucknall stated.
Commitment to Energy Transition and Sustainability
INEOS Energy remains committed to balancing traditional energy production with sustainability initiatives. The company is focused on supporting society’s energy demands while also investing in carbon capture and storage (CCS) technologies. By actively producing and trading oil, gas, power, and carbon credits, Expansion of INEOS Energy aims to contribute to the ongoing energy transition. Additionally, the company continues to expand its LNG investments, reinforcing its commitment to cleaner energy solutions.
This latest acquisition positions Expansion of INEOS Energy as a significant player in the U.S. energy sector, reinforcing its long-term strategy of growth and sustainability. With a diversified portfolio that now includes both onshore and offshore assets, the company is well-positioned to navigate the evolving energy landscape while continuing to invest in innovative and responsible energy solutions.
