Mar 1, 2023 8:44 AM EST
Giulia Petroni
TotalEnergies SE has agreed to acquire Cepsa SA’s upstream assets in the United Arab Emirates for an undisclosed amount.
The French oil and gas major said the acquisition included a 20 percent participation in the offshore concessions of Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel. ADNOC owns 60% of…
Giulia Petroni
TotalEnergies SE has agreed to acquire Cepsa SA’s upstream assets in the United Arab Emirates for an undisclosed amount.
The French oil and gas major said the acquisition included a 20 percent participation in the offshore concessions of Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel. ADNOC holds a 60% interest in the concession, while OMV AG holds the remaining 20%.
As part of the agreement, TotalEnergies will also acquire an indirect 12.88% interest in the Mubarraz concession held by Abu Dhabi Oil Company (ADOC) through the acquisition of a 20% stake in Cosmo Abu Dhabi Energy Exploration & Production Co., which owns ADOC 64.4% interest.
The deal is subject to customary conditions and will be effective retrospectively from 1 January.
Write to Giulia Petroni: giulia.petroni@wsj.com