Ineos Energy leans into oil with US shale deal

Company ready to develop Eagle Ford shale after $1.4bn deal with Chesapeake Energy, chairman Brian Gilvary tells Petroleum Economist in an interview

The entry of the UK’s Ineos Energy into the US shale sector through its recent deal with US firm Chesapeake Energy marks the “next big phase” of the company’s growth as it rebalances its portfolio towards oil rather than gas, chairman Brian Gilvary tells Petroleum Economist. The energy arm of UK-based chemical group Ineos is buying a portion of Chesapeake’s assets in the Eagle Ford shale in south Texas for $1.4bn in a deal that will give it 2,300 wells, producing 36,000bl/d oe. The deal is expected to complete in the second quarter. “The Eagle Ford shale was perfect. It was a mostly oil portfolio, which attracted us, and it will create the next phase for us in the US,” Gilvary says. “It is t