Spanish energy company Moeve has agreed to sell its entire interests in three non-operated onshore hydrocarbon fields in Algeria’s Berkine Basin to Pertamina Algeria Eksplorasi Produksi (PAEP).
The proposed sale covers the company’s minority interests in the Rhourde el Khrouf, Bir el Msana and Ourhoud fields.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Moeve entered the agreement through its wholly controlled affiliates Cepsa Algérie and Cepsa (Rhourde El Rouni). The financial terms of the deal were not disclosed.
Each asset transfer is subject to customary conditions, including approvals from the relevant Algerian authorities.
Moeve said it intends to keep exploring opportunities in Algeria. Its areas of interest include renewable energy, green hydrogen and its derivatives, and other energy-transition activities.
The company is also considering industrial, petrochemical, chemical and commercial cooperation, building on its longstanding collaboration with Sonatrach.
PAEP is a subsidiary of Pertamina Internasional EP. It has managed Pertamina’s upstream oil and gas operations and investments in Algeria since 2014.
Rhourde el Khrouf is a producing conventional oil field operated by Sonatrach and Cepsa. It is located in Block 406a.
Ourhoud is a producing conventional oil field spread over Block 404, Block 405a, and Block 406a concessions. The field is operated by Organisation Ourhoud.
The Bir el Msana field is an onshore asset located in Block 401c within the northeastern Berkine Basin of Algeria. Its operational footprint features four production wells, three water injection wells, and one gas storage well.
Formerly known as Compañia Española de Petróleos (CEPSA), Moeve is owned jointly by Mubadala Investment (62%) and Carlyle Group (38%).
In addition to the three fields, Moeve is set to divest its minority interest in the onshore Timimoun gas field in Algeria, Reuters reported, citing an undisclosed source with knowledge of the matter.
With the sale of its Algerian upstream assets, Moeve will complete its exit from the exploration and production sector.
