Cepsa has sold its exploration and production business in the United Arab Emirates to France’s TotalEnergies. This included the transfer of Cepsa’s 20% interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel well concessions (SARB and Umm Lulu operations) and the subsequent sale of its indirect 12.88% interest in the Mubarraz concession Its stake in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (Mubarraz Operation).
In 2018, Cepsa bought just a 20% stake in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel fields worth €1.2 billion.
These operations have an effective date of January 1, 2023, and are subject to the fulfillment of customary conditions precedent for such transactions, including the formalization of documentation and obtaining final approvals.
The sale of the assets responds to the realization of Cepsa’s 2030 Green Transformation Strategy “Positive Motion”, driving the Group’s transformation into a leader in sustainable mobility, biofuels and green hydrogen production in Spain and Portugal, and a benchmark for the energy transition.
To achieve this goal, Cepsa has committed to invest up to 8 billion euros over this decade. Cepsa explained: “This transaction enables Cepsa to accelerate its strategic objectives of moving its business into new sustainable areas, such as green hydrogen or biofuels, as well as developing the first ultra-fast charging network for electric vehicles in Spain and Portugal. ’” CEO Maarten Wetselaar.