INEOS Energy has successfully completed the acquisition of CNOOC Energy Holdings U.S.A. Inc., a subsidiary of CNOOC International Limited. This strategic move boosts INEOS Energy’s global production to over 90,000 barrels of oil equivalent per day and strengthens its presence in the U.S. energy market.

The acquisition marks INEOS Energy’s third significant investment in the U.S. within the past three years. Previous deals include a 1.4 million tons per annum (mtpa) LNG agreement with Sempra in December 2022 and the purchase of Chesapeake Energy’s oil and gas assets in South Texas in May 2023.

With this latest acquisition, INEOS Energy integrates the U.S. Gulf assets and strategic partnerships into its growing onshore energy portfolio. The deal includes a collection of non-operated assets centered around two deepwater early production platforms—Appomattox and Stampede—along with several mature assets and supporting business operations.

David Bucknall, CEO of INEOS Energy, emphasized the U.S. as a key investment hub, stating, “The USA is a very attractive place for INEOS Energy to invest. This is our third deal in three years, following our LNG agreement with Sempra and the acquisition of Chesapeake Energy’s assets in South Texas. Our total capital investment in U.S. energy assets now surpasses $3 billion, establishing a strong foundation for future growth.”

INEOS Energy remains committed to a dual-track approach—meeting global energy demands while supporting the transition to a lower-carbon future. The company actively engages in oil and gas production, energy trading, and carbon credit markets, while also investing in LNG and Carbon Capture and Storage (CCS) solutions.

With this acquisition, INEOS Energy continues to expand its influence in the U.S. energy sector, reinforcing its commitment to sustainable energy development and long-term investment in innovative energy solutions.

INEOS Energy serves as the energy division of INEOS, a global chemical giant with operations spanning petrochemicals, specialty chemicals, and oil and gas. Established in 2020, INEOS Energy was created to manage the company’s expanding energy portfolio, which includes oil and gas exploration, production, and trading.

The company’s exploration and production operations focus on both onshore and offshore assets across key regions, including the North Sea, the UK, Denmark, and the USA. In line with global energy transition efforts, INEOS Energy has also made significant investments in low-carbon technologies such as Carbon Capture and Storage (CCS) and hydrogen.

INEOS Energy leads a pioneering consortium that successfully completed the world’s first cross-border offshore CCS initiative—the Greensand project. This project is expected to sequester 1.5 million tonnes of CO2 annually by 2025, with the potential to scale up to 8 million tonnes per year by 2030.