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Mubadala-owned Moeve to exit upstream with sale of Algerian assets

By Reuters News

By Pietro Lombardi

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

The sale marks another milestone in Moeve's shift towards low-carbon businesses following a years-long divestment programme that included the sale of oil production assets in Abu Dhabi and South America.

The company did not disclose financial terms.

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

Separately, Moeve has also agreed to sell its minority stake in Algeria's Timimoun onshore gas field, a person familiar with the matter said. That transaction was not included in Wednesday's statement.

The sale of its Algerian upstream assets will complete Moeve's withdrawal from the exploration and production business.

Moeve, formerly known as Cepsa, is controlled by Mubadala with a stake of almost 62%, while US private equity firm Carlyle Group CG.O holds about 38%.

Founded almost 100 years ago as Compania Espanola de Petroleos SA, or Spanish Petroleum Company, the firm rebranded as Moeve in 2024 to reflect its focus on low-carbon businesses such as green hydrogen and biofuels under an €8 billion ($9 billion) investment plan.

Moeve retains refining assets in Spain, which have benefited from strong margins in recent quarters. It said it would continue exploring opportunities in Algeria in renewable energy, green hydrogen and chemicals.

($1 = 0.8905 euros)

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