INEOS is acquiring a 21% working interest for an undisclosed amount, consistent with its ownership in Appomattox, Rydberg, the recent Nashville discovery, and the Mattox pipeline.

INEOS Energy is committed to working together with Shell to unlock additional value from the Appomattox host platform. This agreement builds on a state-of-the-art facility, integrating the early production assets of Appomattox and Rydberg with existing pipeline infrastructure to deliver high-margin barrels.

David Bucknall, CEO of INEOS Energy, said: ”

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This agreement marks another step in INEOS Energy’s strategy to expand its global upstream portfolio while maintaining capital discipline and leveraging partnerships with leading operators.

INEOS Energy is the energy division of INEOS, a multinational chemical company that operates across a variety of industries including petrochemicals, specialty chemicals, and oil and gas. The business was established in 2020 to oversee the company’s growing portfolio of energy-related businesses, which includes 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, Denmark and USA. In recent years, it has made investments in low-carbon technologies, including Carbon Capture and Storage, and hydrogen.

INEOS Energy leads a consortium which completed the world’s first cross border offshore carbon capture and storage project. The Greensand project has potential sequestration volumes of 1.5 million tonnes of CO2 per year by 2025, increasing to a potential 8 million tonnes of CO2 per year by 2030.