Ineos Energy has completed the acquisition of the US Gulf business of CNOOC Energy Holdings USA, a subsidiary of CNOOC International. 

The deal increases Ineos Energy’s global production to over 90,000 barrels of oil equivalent per day. It marks the company’s third major investment in the United States over the past three years, following an LNG deal amounting to 1.4 million tonnes per annum with Sempra in December 2022 and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas in May 2023.  

The US Gulf assets, along with strategic partnerships in major US energy projects, will further complement Ineos‘ existing US onshore portfolio.

The latest deal includes a portfolio of non-operated assets built around two deep water early production assets ( Appomattox and Stampede ) in the US Gulf, along with several mature assets and supporting businesses.   

"The USA is a very attractive place for Ineos Energy to invest," says Ineos Energy CEO David Bucknall. "Total capital spend on energy assets in the USA now exceeds US$3 billion, providing a strong platform for future growth.”

Ineos Energy is committed to a dual-track approach, actively producing and trading oil, gas, power and carbon credits, while investing in liquefied natural gas and carbon capture and storage.

Ineos Group is a global conglomerate based in London. Its founder and chairman Jim Ratcliffe owns a 28.94% stake in Manchester United.