INEOS enters US onshore market as operator with Eagle Ford asset acquisition

INEOS Energy has acquired a portion of Chesapeake Energy’s oil and gas assets in the Eagle Ford Shale in South Texas for $1.4 billion. The deal marks INEOS Enegy’s entry as operator into the US onshore oil and gas market, as it acquires 2,300 wells, producing net 36,000 BOED.

The acquisition, which includes production and exploration leases across 172,000 net acres, is expected to complete in Q2, with an effective date of October 2022. The addition of Chesapeake’s assets and operations in South Texas is part of INEOS Energy’s strategy to build a global integrated portfolio, fit for the energy transition, offering high-quality, energy solutions to its customers.

“Over the last two decades, US onshore oil and gas production has provided security of supply for the global market and competitive advantage for US industry,” Brian Gilvary Chairman INEOS Energy said. “We believe this acquisition will help us to serve our internal and external customers today as we continue to position our business to meet  the energy transition.”