INEOS Picks Up CNOOC’s US Assets in $2B Deal

Monday, December 16, 2024

China's CNOOC has sold its U.S. subsidiary, together with its upstream oil and gas assets in the Gulf of Mexico, to British chemicals group INEOS, according to a CNOOC statement issued on Saturday.

The Chinese oil and gas major said CNOOC Energy Holdings U.S.A. entered into a sales agreement with a subsidiary of INEOS relating to CNOOC's upstream oil and gas assets in the U.S. part of the Gulf of Mexico.

The deal primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.

INEOS paid just under $2 billion for the assets, according to a person with direct knowledge of the matter who was not authorised to speak to media.

CNOOC said the transaction price was in line with market conditions but did not provide a figure, while INEOS declined to comment on the price.

The Chinese firm aims to optimise its global asset portfolio and will work with INEOS towards a smooth transition, CNOOC International Chairman Liu Yongjie said in the statement.

CNOOC has been sounding out potential buyers of its interests in U.S. oil and gas fields since 2022.

Reuters had reported earlier CNOOC was considering an exit from operations in Britain, Canada and the United States over concerns those assets could become subject to Western sanctions because China had not condemned Russia's invasion of Ukraine.


(Reuters - Reporting by Liz Lee in Beijing, Kane Wu in Hong Kong and Beijing newsroom; Writing by Engen Tham; Editing by Tom Hogue and Jamie Freed)

Categories: Mergers & Acquisitions Industry News Activity Asia North America Oil and Gas

Related Stories

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Turkey Discovers New Black Sea Gas Reserve

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

Japan's Mitsui Eyes Alaska LNG Project

Current News

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

Fire Contained at Vietnamese Oil Platform Undergoing Decommissioning (Video)

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Petronas, Inpex Secure Oil and Gas Exploration Rights off Indonesia

Mubadala Energy Open to Sell Andaman Gas for Domestic Use

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Turkey Discovers New Black Sea Gas Reserve

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com