In a major move that signals growing Western interest in U.S. energy assets, British chemical and energy giant INEOS has acquired key Gulf of Mexico operations from Chinese state-owned company CNOOC. The acquisition marks INEOS's third major U.S. energy deal in just three years, solidifying its strategy to expand its global energy portfolio during a period of significant industry transformation.
The deal includes non-operating stakes in two of the Gulf's most productive deepwater oil fields: Appomattox, operated by Shell, and Stampede, run by Hess Corporation. These fields are expected to significantly boost INEOS Energy’s global oil and gas output, pushing production beyond 90,000 barrels of oil equivalent per day. This expansion cements INEOS’s presence in one of the world’s most strategically important offshore oil regions.
David Bucknall, CEO of INEOS Energy, emphasized that the U.S. remains a top-tier investment destination for the company. He noted that this latest move offers a solid foundation for future growth, both operationally and financially. The Gulf of Mexico, known for its advanced infrastructure and stable regulatory environment, offers strong production prospects, making it a prime target for international investors like INEOS.
The acquisition also underscores INEOS’s broader ambitions in the energy sector. The company is actively engaged in oil, natural gas, electricity trading, carbon credits, LNG development, and carbon capture technologies. This diverse portfolio reflects a calculated effort to remain competitive while preparing for the global shift toward cleaner energy.
For CNOOC, the sale is part of a wider divestment strategy aimed at optimizing its international holdings. The Chinese oil giant has been reassessing its overseas exposure, especially in regions where geopolitical and regulatory concerns have complicated operations. Selling off its U.S. Gulf assets allows CNOOC to focus on assets that align more directly with its long-term growth plans.
Industry analysts see this deal as part of a broader trend of realignment in the energy sector, where Western firms are increasingly reclaiming ground in resource-rich regions previously dominated by state-owned enterprises. With oil demand still strong and global supply chains under pressure, strategic acquisitions like this one are expected to shape the energy market’s trajectory for years to come.
INEOS’s bold entry into the deepwater Gulf of Mexico signals its confidence in the long-term value of oil, even as the world transitions toward renewable sources. This acquisition not only reinforces INEOS’s production capacity but also positions it as a key player in the evolving global energy landscape.