INEOS and Shell Announce Joint Oil & Gas Exploration in Gulf of Mexico
INEOS and Shell Collaboration Overview
May 5 (Reuters) - INEOS Energy said on Tuesday it will jointly invest in oil and gas exploration and development opportunities in the Gulf of Mexico with Shell Offshore, a subsidiary of Shell.
Exploration Targets and Strategic Locations
The exploration targets areas in tieback distance to the Appomattox platform in the gulf, INEOS said in a statement.
Asset Acquisition Details
"INEOS is acquiring a 21% working interest in these assets for an undisclosed amount, consistent with its ownership in Appomattox, Rydberg, the recent Nashville discovery, and the Mattox pipeline," it said.
Initial Focus Areas and Future Plans
The partnership will initially focus on three exploration and production opportunities, which include Shell's Fort Sumter discovery, the drilling of the Sisco exploration well, and a further exploration well targeted by the end of 2030, INEOS said.
(Reporting by Noel John in Bengaluru; Editing by Janane Venkatraman)
