INEOS Energy has completed a $3+ billion purchase of CNOOC’s U.S. Gulf operations, gaining access to deepwater production sites like Appomattox and Stampede. The deal boosts INEOS’ global oil production beyond 90,000 barrels daily and marks its third major U.S. investment in three years. This transaction comes as Chinese state-owned CNOOC retreats from politically sensitive U.S. regions. The April 2025 acquisition demonstrates INEOS’ strategic balancing of traditional energy with newer technologies.
British chemical company INEOS Energy has finalized its purchase of U.S. Gulf operations from CNOOC Energy Holdings USA, a subsidiary of Chinese company CNOOC International. The deal gives INEOS control of non-operated deepwater production sites including Appomattox and Stampede, pushing the company’s global oil production to over 90,000 barrels per day.
This purchase marks INEOS Energy’s third major U.S. investment in three years. The company has now spent more than $3 billion on American energy assets, showing its growing commitment to the U.S. market. The newly acquired assets include mature operations and important partnerships that will strengthen INEOS’ position in the country.
The acquisition helps INEOS expand its presence in the U.S. energy sector, adding offshore capabilities to its existing onshore portfolio. It provides immediate access to major U.S. energy projects without the heavy costs of developing new sites from scratch. The deal also supports the company’s strategy of investing in both traditional energy and newer technologies like carbon capture. Similar to how utility companies in Oregon are seeking to balance risk management strategies with public safety requirements, INEOS is diversifying its asset portfolio to mitigate potential liabilities. INEOS Energy actively trades oil and gas while also expanding into power trading and carbon credit markets.
INEOS gains offshore reach while avoiding startup costs, furthering its dual investment in traditional energy and emerging technologies.
For CNOOC, the sale represents a retreat from politically sensitive regions as the Chinese company reduces its U.S. exposure. This shift creates opportunities for companies like INEOS to step in and expand their operations.
The Gulf assets are especially valuable because they include both the Appomattox and Stampede deepwater fields. The transaction was officially finalized on April 2 2025, marking a significant milestone in INEOS Energy’s expansion strategy. These established sites offer INEOS immediate production benefits and diverse revenue streams. They complement the company’s existing strengths and support its focus on both exploration and consistent output.
This deal positions INEOS as an important player in both offshore and onshore U.S. energy markets. It’s part of the company’s dual-track strategy that balances oil and gas operations with clean energy initiatives. The investment takes advantage of favorable conditions for foreign investors in the U.S. energy market.
The acquisition also highlights growing international interest in U.S. deepwater oil production as energy companies continue to realign their global assets and strategies.
