TotalEnergies acquires CEPSA’s upstream assets in UAE

oil french total energy have agree to buy Spanish energy company Cepsa’s upstream assets in the UAE for an undisclosed amount.

Under the agreement, TotalEnergies will purchase a 20% stake in the offshore concessions of Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu).

The SARB and Umm Lulu concessions are operated by ADNOC Offshore with a 60% interest and include two major offshore fields. OMV owns the remaining 20% ​​interest in the concession.

Cepsa will also transfer its 12.88% indirect interest Acquired the Mubarraz concession through the sale of its stake in Cosmo Abu Dhabi Energy Exploration & Production.

Cosmo Abu Dhabi Energy has a 64.4% interest in ADOC, which owns the Mubarraz concession, which includes four offshore producing fields.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: “This transaction is another important milestone in our long-standing relationship with ADNOC and will further strengthen our business, which has been present in Abu Dhabi since 1939.

“The acquisition of a 20% working interest in the SARB and Umm Lulu concessions is fully in line with our strategy to focus on low-cost, low-emission assets.”

The transaction is subject to customary conditions, including the formalization of documents and final approvals.

Maarten Wetselaar, CEO of Cepsa, said: “This transaction enables Cepsa to accelerate its strategic intentions to shift its business into new sustainable areas such as green hydrogen or biofuels, as well as to develop the first electric vehicle hypercars in Spain and Europe. Fast charging network. Portugal.

“We greatly value the close partnership we have developed with the Government of Abu Dhabi and ADNOC over the years.”

The sale is part of Cepsa’s aim, outlined in its 2030 “Positive Motion” strategy, to become a “leader” in sustainable transport, biofuels and green hydrogen in Spain and Portugal.