The Chinese oil and gas company CNOOC has entered into a Stock Purchase Agreement (SPA) with a subsidiary of the UK chemicals group INEOS for the sale of its US subsidiary CNOOC Energy Holdings USA, together with its upstream oil and gas assets in the Gulf of Mexico. The sales and purchase agreement (SPA) primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields. In addition, INEOS will acquire several mature assets and supporting business. The deal is expected to increase INEOS’ global production to over 90 kboe/d.
The acquisition of the Gulf of Mexico business held by CNOOC Energy Holdings USA is subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions. The value of the transaction was not disclosed but CNOOC said the transaction price was in line with market conditions.
CNOOC had been looking for potential buyers of its interests in US oil and gas fields since 2022. Indeed, the company was considering a potential exit from operations in the UK, Canada and the US over concerns those assets could become subject to Western sanctions.