Ineos has joined forces with Shell to expand oil and gas exploration in the United States, in a move that underscores Sir Jim Ratcliffe’s growing preference for investing across the Atlantic rather than in Europe.
The chemicals-to-energy conglomerate’s energy arm said it had acquired a 21 per cent stake in a portfolio of US offshore assets owned by a Shell subsidiary, with the two companies agreeing to jointly pursue new exploration and production opportunities in the Gulf of Mexico.
The partnership will include further development of Shell’s Fort Sumter oil and gas discovery, drilling of the Sisco exploration well, and plans for at least one additional exploration well by the end of 2030. The financial terms of the deal were not disclosed.
The Gulf of Mexico — recently referred to by US President Donald Trump as the “Gulf of America” — remains one of the most strategically important offshore energy basins for US production, and the latest investment signals continued confidence in its long-term output potential despite global energy volatility.
Ineos said the agreement marked another step in a broader strategic shift towards the United States, where the company has already committed more than $3 billion (£2.2 billion) in energy investment.
Sir Jim Ratcliffe, the billionaire founder and chairman of Ineos, has repeatedly criticised UK and European energy policy, arguing that it has become increasingly unpredictable compared with the regulatory environment in the US, where he says investment conditions are more stable and supportive of long-term fossil fuel development.
The comments are likely to reignite debate over Britain’s investment climate for oil and gas producers, particularly as domestic production in the North Sea continues to decline, and policymakers push ahead with long-term decarbonisation targets.
Energy executives have warned that policy uncertainty, combined with rising taxation and tighter licensing regimes in the UK and Europe, risks accelerating the shift of capital towards jurisdictions seen as more supportive of continued hydrocarbon exploration.
The latest deal also highlights a broader trend among major energy groups, which are increasingly balancing low-carbon investment commitments with continued spending on oil and gas projects seen as essential for meeting global demand in the medium term.
For Ineos, the US expansion reinforces a clear strategic pivot — away from Europe’s regulatory constraints and towards what Sir Jim has previously described as a more “investment-friendly” energy landscape.
While the long-term direction of global energy policy remains focused on the transition, the scale of current oil and gas demand means that new exploration continues to attract significant capital — particularly in regions where regulatory and fiscal conditions are considered stable enough to support multi-decade projects.
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