INEOS is acquiring a 21% working interest in the Appomattox area. The agreement focuses on three key exploration and production opportunities: Shell’s Fort Sumter discovery, drilling of the Sisco exploration well, and a further well targeted by the end of 2030.

Additionally, ADNOC is in advanced negotiations to buy Shell’s downstream fuel business in South Africa for approximately $1 billion. This transaction would cover about 600 petrol stations, which is roughly 10% of the national fuel retail market in South Africa.

Shell has been shrinking its global downstream footprint for over a decade. The company previously made sales in Africa and Australia. Currently, Shell’s integrated gas production is expected to fall to around 880,000–920,000 barrels of oil equivalent per day due to disruptions in Qatar.

In another significant move, Shell announced a $16.4 billion acquisition of Canadian shale producer ARC Resources to boost long-term production growth. Higher crude prices typically translate directly into stronger profitability across its upstream division.

David Bucknall, CEO of INEOS Energy, stated, “Partnering with Shell on these opportunities is a natural step.” A deal with ADNOC could close quickly; however, neither side has formally confirmed an agreement yet.

The exact amount of investment by INEOS in the Appomattox area remains undisclosed. Furthermore, no timeline has been shared regarding the closing of the ADNOC-Shell deal.

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