TotalEnergies buys CEPSA’s upstream assets in the UAE

Inspenet, March 7, 2023

TotalEnergies has signed an agreement with CEPSA to acquire its upstream assets in the United Arab Emirates. The two companies have not disclosed the value of the acquisition.

The TotalEnergies company said in a statement that the assets include a 20% stake in the offshore concession of Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu). It also includes an indirect 12.88% interest in the Mubarraz concession held by Abu Dhabi Oil Company (ADOC), through the acquisition of 20% of Cosmo Abu Dhabi Energy Exploration & Production Co. (CEPAD), a company that owns a 64.4% stake in ADOC, TotalEnergies said.

The SARB and Umm Lulu concession includes two major offshore fields. ADNOC has a 60% interest in this concession, along with OMV (20%). The concession is operated by ADNOC Offshore. The Mubarraz concession consists of four producing offshore fields, the statement said.

Both transactions are subject to compliance with customary conditions precedent, including completion of documentation and final approvals.

“This transaction represents another important milestone in our longstanding partnership with ADNOC and will further strengthen our presence in Abu Dhabi, where we have been present since 1939,” said Patrick Pouyanné, President and CEO of TotalEnergies.

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