INEOS to acquire oil and gas assets in US Gulf of Mexico

INEOS Energy has acquired the Gulf of Mexico business held by CNOOC. The deal increases INEOS Energy’s production globally to over 90 thousand barrels of oil equivalent per day.

These assets in the Gulf of Mexico are the third major investment by INEOS Energy in the US in the past three years, following the 1.4 mtpa LNG deal completed with Sempra in December 2022 and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas in May 2023.

The deal includes a portfolio of non operated assets built around two deep water early production assets (Appomattox and Stampede) in the Gulf of Mexico. In addition, INEOS acquires several mature assets and supporting business.

The acquisition of the Gulf of Mexico business held by CNOOC is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.