CNOOC Limited announced the signing of a Stock Purchase Agreement (SPA) between its American subsidiary, CNOOC Energy Holdings USA Inc., and a subsidiary of INEOS Energy. This transaction concerns the sale of CNOOC’s interests in oil and gas projects located in the Gulf of Mexico. The affected assets include non-operated interests in the Appomattox and Stampede fields, two major offshore production sites.
According to statements by Mr. Liu Yongjie, President of CNOOC International Ltd., this sale is part of a strategic approach aimed at optimizing the company’s overall asset portfolio. The transaction reflects the company’s priorities, which seeks to align its investments with market trends and long-term profitability objectives.
A strategic repositioning for CNOOC
CNOOC Limited, a global player in oil and gas exploration and production, is focused on rationalizing its assets. With this sale, the company is continuing its optimization strategy, aiming to favor projects offering the best prospects for growth and returns.
The Appomattox and Stampede fields, while important to U.S. energy production, were not strategic assets for CNOOC’s future. This repositioning is part of a broader trend in the energy sector, where companies are adjusting their portfolios to respond to market developments and energy transition requirements.
Partnership with INEOS Energy
INEOS Energy, a subsidiary of the British conglomerate INEOS, is pursuing an expansion strategy in the oil and gas sector by acquiring key assets across the world. This transaction will enable INEOS to expand its presence in North America while strengthening its portfolio of offshore energy assets.
The transfer process will be overseen by both companies to ensure a smooth transition. The SPA will take effect once regulatory approvals are obtained and the conditions of the agreement are satisfied.
