LONDON — INEOS Energy has completed the acquisition of a major tranche of Chesapeake Energy’s O&G assets in the Eagle Ford Shale in South Texas for $1.4 billion.

The deal marks INEOS Energy’s entry as operator into the U.S. onshore O&G market, as it acquires 2,300 wells, producing net of 36k boe/d.

The acquisition, which includes production and exploration leases across 172,000 net acres, has an effective date of October 2022.

The addition of Chesapeake’s assets and operations in South Texas is part of INEOS Energy’s strategy to build a global integrated portfolio fit for the energy transition, offering high-quality, energy solutions to its customers. Around 100 employees will now transfer to INEOS.

INEOS Energy incorporates all the existing INEOS O&G assets. The business is committed to meeting society’s energy needs through the current energy transition. INEOS Energy is actively producing and trading oil, gas, power and carbon credits, as well as investing in LNG, hydrogen and carbon capture and storage.