Chinese oil and gas major CNOOC Ltd. announced on Saturday that it has sold its U.S. subsidiary and its upstream oil and gas assets in the Gulf of Mexico to British chemicals company INEOS.
The sales agreement between CNOOC Energy Holdings U.S.A. Inc. and a subsidiary of INEOS Energy includes CNOOC's non-operator interests in the Appomattox and Stampede deepwater oil and gas projects, which are operated by Shell and Hess Corp., respectively.
Brian Gilvary, chairman of INEOS Energy said, “This is a major step for us into the deepwater Gulf of Mexico, which builds on our growing energy business.”
David Bucknall, CEO of INEOS Energy said, “The U.S.A. is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4 mtpa 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 U.S.A. now exceeds $3 billion, providing a strong platform for future growth.”
INEOS paid just under $2 billion for CNOOC’s Gulf assets, according to a Reuters report that cities an unidentified source.
The transaction is in line with CNOOC’s efforts to optimize its global asset portfolio, said Liu Yongjie, chairman of CNOOC International. The company has reportedly been shopping its U.S. Gulf assets since 2022.
