TotalEnergies has acquired stakes in various oil and gas properties in the United Arab Emirates from Spanish company Cepsa and Japan’s Cosmo Abu Dhabi Energy Exploration & Production (CEPAD).
The French supermajor confirmed the deals this week, noting that the acquisitions are aimed at further strengthening its presence in Abu Dhabi, where it has been operating since 1939.
It said the first deal involved TotalEnergies’ acquisition of a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB & Umm Lulu) offshore concessions.
Abu Dhabi National Oil Company (Adnoc) holds a 60% stake in SARB & Umm Lulu, with the remaining 40% held by Austria’s OMV.
By acquiring a 20% stake in CEPAD, TotalEnergies also acquired an indirect 12.88% interest in the Mubarraz concession held by Abu Dhabi Oil Company (ADOC).
Japan’s CEPAD owns 64.4% of ADOC.
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The Mubarraz concession includes four offshore producing fields, the company said.
TotalEnergies said the transaction is “subject to the satisfaction of customary conditions precedent, including the formalization of documents and final approvals”.
The French company’s chief executive, Patrick Pouyanne, said the acquisition of SARB & Umm Lulu was fully in line with the company’s strategy to focus on low-cost, low-emission assets.
TotalEnergies owns a number of oil and gas interests in Abu Dhabi, including interests in the Adnoc onshore oil concession; the offshore Umm Shaif & Nasr oil concession; the offshore Lower Zakum oil concession; Adnoc Gas, Adnoc LNG; and the Ruwais Diyab very Regulated natural gas concessions.
TotalEnergies, in partnership with Mubadala in the UAE, also holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, the UAE and Oman.