INEOS Energy has completed the acquisition of China National Offshore Oil Corporation’s (CNOOC) US Gulf business from the latter’s subsidiary, CNOOC Energy Holdings USA.
The move enhances INEOS Energy’s global production to more than 90,000 barrels of oil equivalent per day (boepd).
This acquisition marks INEOS Energy’s third major investment in the US in three years, following a deal to purchase 1.4 million tonnes per annum (mtpa) of liquefied natural gas from Sempra and the acquisition of Chesapeake Energy’s South Texas oil and gas assets in December 2022 and May 2023, respectively.
The recent acquisition includes a portfolio of non-operated assets centred around two deep-water early production sites, Appomattox and Stampede, in the US Gulf.
These assets will complement INEOS Energy’s existing US onshore portfolio and strategic partnerships in key US energy projects.
The business now transitions into INEOS Energy, further solidifying its presence in the region.
CNOOC announced the divestiture of its US assets in December last year, aligning with its strategy to optimise its global asset portfolio.
CNOOC has been exploring the sale of its interests in US oil and gas fields since 2022.
INEOS Energy CEO David Bucknall said: “The US is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4mtpa LNG deal with Sempra and the acquisition of Chesapeake Energy’s oil and gas assets in South Texas. Total capital spend on energy assets in the US now exceeds $3bn, providing a strong platform for future growth.”
Meanwhile, CNOOC recently announced a significant oilfield discovery, named Huizhou 19-6, in the eastern South China Sea.
The discovery is located at an average water depth of approximately 100m, with oil-bearing formations in the Paleogene Enping and Wenchang Formations.
The HZ19-6-3 discovery well reached a depth of 5,415m, revealing 127m of oil and gas reservoirs.
