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Mubadala-owned Moeve agrees sale of Algerian oil assets to Pertamina

By Reuters News

MADRID, Nov 4 (Reuters) - Spanish energy firm Moeve, majority owned by Abu Dhabi fund Mubadala, said on Wednesday that it had agreed to sell its oil assets in Algeria to Indonesia's state energy firm Pertamina.

The divestment represents a milestone in Moeve's strategic transformation towards low-carbon businesses, following a years-long process that included the sale of its oil production assets, including operations in Abu Dhabi and South America.

The company didn't disclose the value of the deal and a spokesperson declined to provide this or any other detail.

The divestment includes Moeve's minority stakes in the Rhourde el Khrouf (RKF), Bir el Msana (BMS) and Ourhoud onshore oil fields in the Berkine Basin.

Moeve, in which US-based private equity firm the Carlyle Group CG.O owns a stake of around 38%, was formerly known as Cepsa. It rebranded in 2024 to reflect its shift towards low-carbon businesses, such as green hydrogen and biofuels, under an €8 billion plan.

Moeve still owns refineries in Spain, which posted strong margins in recent quarters. It said it will continue to explore opportunities in Algeria in sectors including renewable energy, green hydrogen and chemicals.

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