Ineos, a UK-based chemical company, has acquired CNOOC's US oil and gas business for $2 billion, expanding its presence in the American energy market.
China ’s
has struck a deal to sell its business in the United States to Britain’s Ineos, the two companies reported over the weekend. The deal is worth $2 billion and includes stakes in two deep-water fields in the Gulf of Mexico, per a Reuters report citing an unnamed source. Ineos said that the acquisition would boost its global oil and gas production to over 90,000 barrels of oil equivalent daily. Neither of the companies involved named the price tag of the deal.
, the deal was motivated by market conditions although the company did not elaborate on the nature of those. According to an earlier Reuters report, the Chinese state giant had made plans to shrink its Western presence in anticipation of sanctions. There have been threats from Washington that Chinese companies would be punished for working with Russian oil exporters.
has assets in the UK and Canada as well, and these could be put up for sale as well. Not yet, however, as the Chinese company just last month announced the start of production at a new project in Canada. Lake Northwest is expected to produce 8,200 barrels of crude daily at peak rates, to be reached by next year. By Charles Kennedy for Oilprice.com
CNOOC US Oil And Gas Gulf Of Mexico Deepwater Assets Energy Transition Carbon Storage Sanctions China Ineos Investment
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