INEOS Energy Completes Acquisition of U.S. Gulf Business from CNOOC Energy Holdings

London-based INEOS Energy has finalized the acquisition of the U.S. Gulf business previously owned by CNOOC Energy Holdings U.S.A. Inc., a U.S. subsidiary of China National Offshore Oil Corporation (CNOOC) International.

With this acquisition, INEOS Energy has significantly expanded its global production to over 90,000 barrels of oil equivalent per day. The company has now surpassed $3 billion in capital expenditure on energy assets in the USA. INEOS Energy views the newly acquired U.S. Gulf assets and strategic partnerships in major U.S. energy projects as a valuable addition to its existing onshore portfolio in the North American region.

“This marks a significant milestone for us in the deepwater US Gulf, bolstering our expanding energy business. INEOS Energy is committed to participating in the energy transition to deliver reliable, cost-effective energy to meet the increasing global demand as the population grows, while also advancing carbon storage projects,” stated INEOS Energy Chairman Brian Gilvary.

The acquisition includes a portfolio of non-operated assets centered around two deepwater early production assets, Appomattox and Stampede, in the Gulf of America, alongside several mature assets and supporting businesses.

Shell operates Appomattox with a 79% working interest, while INEOS now holds the remaining 21%. The field commenced production in February 2024.

Stampede, on the other hand, sees Hess as the operator with a 25% working interest, while Union Oil Company of California (a Chevron subsidiary), Statoil (now Equinor), and CNOOC’s subsidiary Nexen Petroleum Offshore each possess a 25% working interest.

INEOS Energy CEO David Bucknall remarked, “The USA presents compelling investment opportunities for INEOS Energy. This deal marks our third transaction in three years, following the 1.4 mtpa LNG agreement with Sempra and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas.”

Formally announced in December 2024, the acquisition aligns with INEOS Energy’s commitment to a dual-track approach, enabling the company to address society’s energy requirements through the ongoing energy transition and investments in carbon storage.