CNOOC signs SPA with INEOS Energy for upstream Gulf of Mexico assets
CNOOC has announced that its U.S.-based subsidiary, CNOOC Energy Holdings U.S.A. Inc., has entered into a Stock Purchase Agreement (SPA) with a subsidiary of INEOS Energy for the sale of CNOOC Holdings U.S.A. Inc.
The SPA involves the company's upstream oil and gas business located in the U.S. Gulf of Mexico, mainly consisting of non-operating interests in oil and gas projects including the Appomattox and Stampede fields.
"The transaction follows general business principles and aims to further optimize the company's global asset portfolio," said Mr. Liu Yongjie, Chairman of CNOOC International Ltd. "It will close upon obtaining regulatory approvals and satisfaction with the terms of the SPA. During this period, the company will work closely with INEOS Energy to ensure a smooth and orderly transition."
