Ineos completes $1.4bn acquisition of US onshore energy assets

Ineos Energy, part of UK chemical company Ineos, has completed the acquisition of a portion of Chesapeake Energy’s oil and gas assets in the Eagle Ford shale, south Texas for $1.4bn, it announced on May 3.

The deal marks Ineos Energy’s entry as an operator into the US onshore oil and gas market, as it acquires 2,300 wells, producing a net 36,000 boe/day. The acquisition, which includes production and exploration leases across 172,000 net acres, has an effective date of October 2022.

“The addition of Chesapeake's assets and operations in south Texas is part of Ineos Energy’s strategy to build a global integrated portfolio, fit for the energy transition, offering high-quality, energy solutions to its customers,” the company said.

Ineos Energy was established in 2020 and has a portfolio of energy-related businesses, which include exploration and production, as well as trading of oil and gas. The company's exploration and production activities focus on onshore and offshore oil and gas assets in the North Sea, in the UK and Denmark.

In recent years, Ineos Energy has made investments in low-carbon technologies, including carbon capture and storage, and hydrogen.