Key Takeaways
- • Moeve, majority-owned by Abu Dhabi's Mubadala and backed by Carlyle, has agreed to sell its Algerian oil assets to Indonesia's state-owned Pertamina, according to a Reuters report.
- • The transaction reportedly covers minority stakes in the Rhourde el Khrouf, Bir el Msana and Ourhoud onshore oil fields in Algeria's Berkine Basin.
- • Financial terms of the divestment were not disclosed.
- • The sale advances Moeve's exit from oil production toward lower-carbon businesses, following earlier asset sales in Abu Dhabi and South America.
- • Carlyle holds approximately 38% of Moeve, which retains its refining operations in Spain and plans to keep pursuing Algerian opportunities in renewables, green hydrogen and chemicals.
Summary
Spanish energy group Moeve, formerly known as Cepsa, has agreed to sell its Algerian oil assets to Indonesia's state-owned energy company Pertamina, according to a report by Reuters. The deal reportedly covers minority stakes in the Rhourde el Khrouf, Bir el Msana and Ourhoud onshore oil fields in Algeria's Berkine Basin. Financial terms were not disclosed.
The divestment is another step in Moeve's transition away from oil production toward lower-carbon businesses. The company follows earlier asset sales in Abu Dhabi and South America. Cepsa rebranded as Moeve in 2024 under an €8bn strategy centered on green hydrogen, biofuels and other sustainable energy investments.
Moeve is majority-owned by Abu Dhabi sovereign wealth fund Mubadala, and private equity firm Carlyle holds approximately 38% of the company. Moeve retains its refining operations in Spain. The company said it would continue exploring opportunities in Algeria across renewable energy, green hydrogen and chemicals.
The divestment is another step in Moeve's transition away from oil production toward lower-carbon businesses. The company follows earlier asset sales in Abu Dhabi and South America. Cepsa rebranded as Moeve in 2024 under an €8bn strategy centered on green hydrogen, biofuels and other sustainable energy investments.
Moeve is majority-owned by Abu Dhabi sovereign wealth fund Mubadala, and private equity firm Carlyle holds approximately 38% of the company. Moeve retains its refining operations in Spain. The company said it would continue exploring opportunities in Algeria across renewable energy, green hydrogen and chemicals.
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