British Energy Company Ineos Acquires U.S. Gulf Assets from CNOOC

British energy company Ineos has successfully completed the acquisition of the U.S. Gulf assets of Chinese state oil major CNOOC. This strategic purchase grants Ineos non-operated interests in prominent platforms such as Shell’s Appomattox and Hess’ Stampede, in addition to various mature assets and supporting business units. The transaction, valued at approximately $2 billion, marks a significant milestone for Ineos in expanding its presence in the deepwater Gulf of Mexico.

In a statement announcing the deal last year, Ineos CEO David Bucknall emphasized the company’s commitment to the energy transition and providing reliable, affordable energy solutions to meet global demand amidst population growth. He also highlighted Ineos’ focus on advancing carbon storage projects, aligning with the company’s sustainability goals.

This acquisition represents Ineos’ third major investment in the U.S. energy market within the past three years, following previous ventures such as an LNG agreement with Sempra and the acquisition of shale oil assets in Texas in 2023. These strategic moves underscore Ineos’ dedication to expanding its energy portfolio and strengthening its foothold in key markets.

Meanwhile, CNOOC’s decision to divest its U.S. domestic assets reflects a broader strategic shift driven partly by geopolitical considerations. As tensions between the U.S. and China escalated in recent years, CNOOC reportedly outlined plans to withdraw from key markets including Canada, Britain, and the United States. This divestiture aligns with CNOOC’s efforts to mitigate geopolitical risks and refocus its resources on core business areas.

Despite its exit from the U.S. market, CNOOC remains a significant player in global energy partnerships, maintaining a 25 percent stake in Exxon’s Stabroek Block development off Guyana. This partnership underscores the continued collaboration between Chinese and U.S. energy companies in advancing critical energy projects worldwide.