Ineos and Shell Join up to Drill for New Oil and Gas in US
Ineos said the Shell deal supports energy security and includes drilling new wells and developing Fort Sumter through 2030.
- Ineos Energy acquired a 21% interest in a portfolio of assets from a Shell subsidiary to jointly drill for oil and gas in the Gulf of Mexico, which President Donald Trump has renamed the Gulf of America.
- Chairman Sir Jim Ratcliffe prioritized United States expansion over Europe, citing a more stable investment landscape; Ineos has committed over $3 billion to the region as part of this strategic shift.
- David Bucknall, the chief executive of Ineos Energy, said the deal supports "energy security," with projects including developing the Fort Sumter discovery and drilling the Sisco exploration well by 2030.
- Sir Jim, who also holds a 25 per cent share in Manchester United, has warned that chemical production is plunging across Europe and urged taxation and policy change to "save" the industry.
- The partnership with Shell targets disciplined growth by focusing on areas close to existing infrastructure, enabling rapid development and cost control through exploration and shared risk for the chemicals giant.
13 Articles
13 Articles
Jim Ratcliffe warns UK's energy policy is ‘all over the place’ as Ineos invests in Donald Trump’s US
Billionare businessman Sir Jim Ratcliffe has expanded his company’s stake in US oil after describing domestic energy policy as “all over the place”. Ineos Energy, which runs the energy-related operations of Ineos, the petrochemicals group founded by Sir Jim, has launched a joint venture with Shell Offshore in US waters. Ineos Energy announced last year that it would cut offshore funding in the UK in favour of the US. Company chairman Brian Gilva…
Jim Ratcliffe warns Britain's energy policy is 'all over the place'
Europe and the UK’s approach to energy policy is “all over the place” and eroding the region’s security and growth prospects, Jim Ratcliffe has said in an announcement confirming Ineos’s plans to expand its oil and gas operations in the Gulf of Mexico. In a statement announcing Ineos’s fresh investment in the US alongside Shell, the billionaire chemicals tycoon blasted Britain and the EU for neglecting their energy and industrial sectors, saying…
Ineos boss Jim Ratcliffe criticises UK and Europe amid new US oil and gas investment with Shell
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails Chemicals giant Ineos is expanding its energy operations in the United States, partnering with Shell for new oil and gas exploration in the Gulf of Mexico. Ineos boss Sir Jim Ratcliffe stated he is prioritising investment across the Atlantic rather than in Europe…
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
