INEOS Energy completes the acquisition of 2,300 oil and gas wells from Chesapeake Energy, producing a net 36,000 barrels of oil equivalent per day in the Eagle Ford shale formation, marking INEOS Energy’s entry as an operator into the U.S. shale oil and gas market. This acquisition also includes production and exploration permits on a net 172,000 acres in South Texas. The deal is worth $1.4 billion.
INEOS Energy tries to expand in the energy market
INEOS Energy’s strategy is to build an integrated global portfolio tailored to the energy transition, offering high-quality energy solutions to its customers. This acquisition is part of this strategy and allows INEOS Energy to expand into the US shale oil and gas market.
The transaction, which includes approximately 100 employees transferring to INEOS, has an effective date of October 2022. The acquisition expands INEOS Energy’s oil, gas, power and carbon credit production and trading activities. In addition, INEOS Energy is investing in LNG, hydrogen and carbon storage projects.
