Chemicals giant Ineos Energy is expanding its US operations by partnering with Shell for new oil and gas exploration and production in the Gulf of Mexico. Ineos has acquired a 21 per cent interest in a Shell asset portfolio, with both companies jointly investing in developing the Fort Sumter oil and gas discovery and drilling new exploration wells.
Strategic Investment in the US
Ineos chairman Sir Jim Ratcliffe is prioritising investment in the US, having committed over $3 billion (£2.2 billion) there, due to his perception of a more stable energy landscape compared to Europe. Ratcliffe criticised Europe's "inconsistent" energy policy, stating he has more confidence in US energy sector investments than in Europe.
Strengthening Energy Security
Ineos Energy CEO David Bucknall highlighted that the deal with Shell strengthens their portfolio and supports long-term "energy security" through disciplined growth and shared risk. The partnership aims to accelerate development in the region, leveraging both companies' expertise.
This move underscores a broader trend of European energy firms shifting focus to the US, attracted by favourable regulations and abundant resources. Ratcliffe's comments reflect growing frustration among business leaders with European energy policies, which they view as unpredictable and costly.
