Overview
- Ineos, in a deal announced Tuesday, secured a 21% interest in a Shell Gulf of Mexico asset portfolio and formed a joint venture to develop the Fort Sumter field and drill the Sisco exploration well.
- The partners also plan one additional exploration well by the end of 2030, and neither company disclosed the purchase price.
- Ineos says the investment extends more than $3 billion it has already committed to the U.S. and targets prospects near existing infrastructure to move faster and control costs.
- Sir Jim Ratcliffe said Europe’s policy approach is unstable and less investable, while a UK government spokesperson defended the country’s fiscal framework.
- CityAM reported Fort Sumter could hold over 125 million barrels of oil equivalent, as industry voices point to a North Sea slowdown under a 78% headline tax that they say is pushing projects and jobs abroad.