Capital spend on energy assets in the USA now exceeds $3 billion, providing a sturdy platform for future development
INEOS Energy has introduced the purchase of the Gulf of Mexico business held by CNOOC Energy Holdings U.S.A., a US subsidiary of CNOOC International Limited (CNOOC).
The deal will increase INEOS Energy’s manufacturing globally to over 90 thousand barrels of oil per day. These belongings in the Gulf of Mexico are the third main funding by INEOS Energy in the USA, within the past three years, following the 1.4 mtpa LNG deal finished with Sempra in December 2022 and the purchase of Chesapeake Energy’s oil and gas assets in South Texas in May 2023.
The deal consists of a portfolio of non-operated belongings built round two deep water early production assets (Appomattox and Stampede) in the Gulf of Mexico. In addition, INEOS acquires several mature assets and helping business.
Brian Gilvary, Chairman, INEOS Energy said: “This is a main step for us into the deep water Gulf of Mexico, which builds on our developing energy enterprise. INEOS Energy is all about competing in the energy transition to offer reliable, low-cost energy to fulfill global call for because the population keeps to grow. And progressing carbon storage ventures.”
The CNOOC Gulf of Mexico belongings and strategic partnerships in main U.S. energy ventures, will further complement INEOS’ existing onshore portfolio.
David Bucknall, CEO, INEOS Energy, said, “The USA is a attractive location for INEOS Energy to invest. This is our third deal in three years following the 1.Four mtpa LNG deal with Sempra and the purchase of Chesapeake Energy’s oil and gas assets in South Texas. Total capital spend on energy assets in the USA now exceeds $3 billion, providing a strong platform for future development.”
INEOS Energy is dedicated to a dual track approach, to meet society’s energy needs by the present energy transition and to investment in carbon storage. The commercial enterprise is actively producing and trading oil, energy, gas and carbon credit, as well as making an investment in LNG, and Carbon Capture and Storage.
In a global first, INEOS proven the feasibility of CO2 garage on the 8th March 2023. The organization captured CO2 from INEOS Oxide in Belgium; transported this cross-border then accurately and completely stored it in the INEOS-operated Nini field inside the Danish North Sea. On the 10th September this year world-main provider of danger, verification and standardization services, DNV, proven that the stored CO2 remains safely and permanently sealed in the Nini West reservoir 1,800 metres under the North Sea seabed. Their verification actions the venture closer to commercialisation, predicted next year.
Last week, (10th December) INEOS, the day to day operator, with its companions Harbour Energy and Nordsøfonden, introduced it had made a Final Investment Decision (FID) on the primary commercial section ‘Greensand Future’ with storage operations set to start at the end of 2025 early 2026. This decision paves the way for expected investments of more than $150 million across the Greensand CCS value chain.
The acquisition of the Gulf of Mexico commercial enterprise held by using CNOOC Energy Holdings U.S.A. Is subject to the receipt of regulatory approvals and pleasure of others customary closing conditions.
