Shell and INEOS Energy Secure 21% Stake in Gulf of Mexico Tie-Back Assets
Shell Offshore and INEOS Energy will co-invest in Gulf of Mexico reserves near the Appomattox platform, with INEOS acquiring a 21% working interest in tie-back assets including Fort Sumter and Sisco projects. The deal targets three early-stage developments through 2030 to leverage existing pipelines and bolster Shell’s upstream production capacity.
1. Joint Investment Agreement
INEOS Energy and Shell Offshore have signed a co-investment agreement covering exploration and development near the Appomattox platform. Under the deal, INEOS will take a 21% working interest in selected tie-back assets without disclosing financial terms.
2. Project Priorities
The partnership will initially focus on three projects: the pre-final investment decision Fort Sumter discovery, the Sisco exploration well, and an additional exploration well scheduled for completion by the end of the decade.
3. Strategic Upstream Expansion
By leveraging existing pipeline infrastructure from the Appomattox platform, Shell aims to accelerate production, control costs and strengthen its Gulf of Mexico portfolio as part of a disciplined growth strategy.