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.
Ineos Energy, the conglomerate's energy division, has acquired a 21 per cent interest in a portfolio of assets from a Shell subsidiary.
The two companies will jointly invest in exploration and production in the Gulf of Mexico, a body of water US President Donald Trump has controversially referred to as the Gulf of America.
This venture includes developing Shell’s Fort Sumter oil and gas discovery, drilling the Sisco exploration well, and identifying another exploration well by 2030.
The deal's price was not disclosed. Ineos confirmed this agreement marks a further step in its deliberate shift towards US investment, having committed over $3 billion (£2.2 billion) there.
Chairman and founder Sir Jim, a British billionaire businessman, criticised the UK’s energy policy which he said has been inconsistent compared with a more stable landscape in the US.
He said: “Europe is all over the place. From an investment point of view, you always go to the stable rather than the unstable.
“I would have a lot more confidence in investments in America in the energy sector than I would in Europe.”
Sir Jim, who also co-owns Manchester United, has previously issued a warning that chemical production is plunging across Europe and urged taxation and policy change to “save” the industry.
Ratcliffe has a 25 per cent share in Manchester United after paying £1.3bn for Class B shares from the Glazer family, who retain the biggest part of the club, in December 2023. He has assumed control of football operations at United and vowed to restore the club to their former heights.
David Bucknall, the chief executive of Ineos Energy, said its deal with Shell was supporting “energy security”.
He 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.”
Ineos is one of the largest chemical companies in the world, reporting revenues of €16.2bn (£12.6bn) in 2024.
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