UK firm broadens US presence with deepwater assets buy

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

According to INEOS Energy, the deal increases its production globally to over 90,000 barrels of oil equivalent per day, bringing its capital spend on energy assets in the USA to over $3 billion. The UK player believes the newly acquired U.S. Gulf assets and strategic partnerships in major U.S. energy projects will complement its existing onshore portfolio in the North American country.

“This is a major step for us into the deepwater US Gulf, which builds on our growing energy business. 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,” noted INEOS Energy Chairman Brian Gilvary.

The deal encompasses a portfolio of non-operated assets built around two deepwater early production assets, Appomattox and Stampede, in the Gulf of America. Several mature assets and supporting businesses also form part of the transaction.

Shell operates Appomattox with a 79% working interest, while the remaining 21% is now owned by INEOS. The field was brought online in February 2024.

As for Stampede, Hess has a 25% working interest in the field and is the operator, while Union Oil Company of California, a Chevron subsidiary, Statoil (now Equinor), and CNOOC’s subsidiary Nexen Petroleum Offshore each hold a 25% working interest.

INEOS Energy CEO David Bucknall said: “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.”

Announced in December 2024, the deal is said to be in line with INEOS Energy’s commitment to a dual-track approach, which is expected to enable it to meet society’s energy needs through the current energy transition and invest in carbon storage.