INEOS Energy said on Tuesday it will jointly invest with Shell Offshore in new oil and gas exploration and development projects in the Gulf of Mexico. The partnership targets areas located within tieback distance of the Appomattox production platform.
Under the agreement, INEOS will acquire a 21% working interest in the assets for an undisclosed sum, aligning with its existing stakes in Appomattox and related infrastructure. The move strengthens INEOS’ footprint in the U.S. offshore energy sector.
The collaboration will initially focus on three key opportunities, including development of Shell’s Fort Sumter discovery and the drilling of the Sisco exploration well. A third exploration well is planned before the end of 2030.
The investment reflects both companies’ strategy to expand production capacity and capitalize on existing infrastructure to reduce costs and improve efficiency.