French oil company TotalEnergies has agreed to acquire Spanish energy company Cepsa’s upstream assets in the UAE for an undisclosed sum.
Under the deal, TotalEnergies will buy a 20% stake in the Satah Al Razboot (SARB), Umm Lulu, and Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concessions.
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Operated by ADNOC Offshore with a 60% stake, the SARB and Umm Lulu concession comprises two major offshore fields. OMV owns the remaining 20% interest in the concession.
Cepsa will also transfer its 12.88% indirect interest in the Mubarraz Concession through the sale of its stake in Cosmo Abu Dhabi Energy Exploration & Production.
Cosmo Abu Dhabi Energy owns a 64.4% interest in ADOC, which holds the Mubarraz Concession, comprising four producing offshore fields.
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TotalEnergies chairman and CEO Patrick Pouyanné said: “This transaction represents another important milestone in our long-standing partnership with ADNOC and will further strengthen our presence in Abu Dhabi, where we have been present since 1939.
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By GlobalData“The acquisition of a 20% working interest in the SARB and Umm Lulu concession is fully aligned with our strategy of focusing on low-cost, low emission assets.”
The transaction is subject to customary conditions, including formalisation of documentation and final approvals.
Cepsa CEO Maarten Wetselaar said: “This transaction positions Cepsa to accelerate its strategic intent to migrate its businesses into new sustainable areas such as green hydrogen or biofuels, as well as the development of the first ultra-fast charging network for electric vehicles in Spain and Portugal.
“We truly value the close partnerships we have developed with the Government of Abu Dhabi and ADNOC over the years.”
The sale form part of Cepsa’ objectives outlined in its 2030 ‘Positive Motion’ strategy to become a ‘leader’ in sustainable mobility, biofuels, and green hydrogen in Spain and Portugal.
