- New exploration and development opportunities targeted near existing Appomattox infrastructure
  - Disciplined growth strategy strengthens energy security and expands INEOS Energy’s upstream portfolio

INEOS Energy and Shell Offshore Inc., a subsidiary of Shell plc, have agreed to jointly invest in exploration and development opportunities, strengthening their collaboration and supporting long-term energy security, from areas in tieback distance to the Appomattox platform in the Gulf of America. INEOS is acquiring a 21% working interest for an undisclosed amount, consistent with its ownership in Appomattox, Rydberg, the recent Nashville discovery, and the Mattox pipeline.

The agreement will initially focus on three exploration and production opportunities:

  - Shell's pre-FID Fort Sumter discovery
  - Drilling of the Sisco exploration well
  - A further exploration well targeted by the end of 2030

The agreement supports INEOS Energy's broader growth strategy, building on established positions in the Gulf of America, Eagle Ford South Texas, offshore Denmark and the UK Continental Shelf, while further strengthening collaboration with Shell to pursue future growth and expansion opportunities.

INEOS Energy is committed to working together with Shell to unlock additional value from the Appomattox host platform. This agreement builds on a state-of-the-art facility, integrating the early production assets of Appomattox and Rydberg with existing pipeline infrastructure to deliver high-margin barrels.

David Bucknall, CEO of INEOS Energy, said: "Partnering with Shell on these opportunities is a natural step. We are focusing on areas close to existing infrastructure where we can move quickly, control costs and unlock new production. This is disciplined growth targeting exploration, shared risk, and returns. These opportunities strengthen our portfolio and support long-term energy security."

This agreement marks another step in INEOS Energy's strategy to expand its global upstream portfolio while maintaining capital discipline and leveraging partnerships with leading operators.

About INEOS Energy

INEOS Energy is the energy division of INEOS, a multinational chemical company that operates across a variety of industries including petrochemicals, specialty chemicals, and oil and gas. The business was established in 2020 to oversee the company's growing portfolio of energy-related businesses, which includes exploration and production, as well as trading of oil and gas.

The company's exploration and production activities focus on onshore and offshore oil and gas assets in the North Sea, in the UK, Denmark and USA. In recent years, it has made investments in low-carbon technologies, including Carbon Capture and Storage, and hydrogen.

INEOS Energy leads a consortium which completed the world’s first cross border offshore carbon capture and storage project. The Greensand project has potential sequestration volumes of 1.5 million tonnes of CO2 per year by 2025, increasing to a potential 8 million tonnes of CO2 per year by 2030.

About Shell plc

Shell is a global group of energy and petrochemical companies, employing around 85,000 people across more than 70 countries. Shell's activities include oil and gas exploration and production, and the marketing of fuels, lubricants and chemical products. Shell also offer low-carbon energy products and solutions. Shell's purpose is to power progress together by working with each other, our customers and our partners to provide the energy products people need to power their lives and businesses and Shell's strategy is to deliver more value with less emissions.