Ineos acquired CNOOC's 21 percent stake in the Shell-operated Appomattox platform, above
Ineos CEO David Bucknall highlighted the significance of the purchase, stating: “This is a major step for us into the deepwater Gulf of Mexico, which builds on our growing energy business. INEOS Energy is all about competing in the energy transition to provide reliable, affordable energy to meet world demand as the population continues to grow. And progressing carbon storage projects.” The announcement was made last year when the deal was first revealed.
This acquisition marks Ineos’ third significant move into the U.S. energy sector within three years. It follows a liquefied natural gas agreement with Sempra and the purchase of shale oil assets in Texas in 2023. These steps reflect Ineos’ strategy to expand its presence in the American energy market while focusing on sustainable energy solutions.
For CNOOC, the sale aligns with its broader decision to reduce its involvement in the U.S. domestic market. The move comes amid shifting global dynamics, with the company reportedly considering withdrawals from Canada, Britain, and the United States since 2022, as noted by Reuters. This shift was influenced by increasing geopolitical challenges, though specific details remain tied to business strategy rather than external pressures.
Despite this divestment, CNOOC continues to collaborate with U.S. companies internationally. It retains a 25 percent interest in Exxon’s Stabroek Block project off the coast of Guyana, a critical component of Exxon’s long-term growth plans. This partnership underscores CNOOC’s ongoing role in global energy production, even as it adjusts its focus away from certain markets.
The transaction strengthens Ineos’ portfolio, enhancing its ability to meet global energy needs while supporting initiatives like carbon storage. Meanwhile, CNOOC’s exit from these U.S. assets reflects a recalibration of its operations, balancing international cooperation with strategic priorities. The deal highlights the evolving nature of energy markets, with both companies adapting to meet future demands.
