TotalEnergies acquires Cepsa’s UAE Upstream Assets
French multinational integrated energy company TotalEnergies has signed an agreement with Cepsa to acquire the Spanish oil and gas company’s upstream assets in the UAE.
This according to the company is in alignment with its strategy of focusing on low-cost, low emission assets
TotalEnergies, in a statement said the deal includes a 20 per cent stake in the offshore concession consisting of the Satah Al Razboot (Sarb) and Umm Lulu oil fields. Adnoc holds a 60 per cent interest in the Sarb and Umm Lulu concession, which is operated by Adnoc Offshore and includes two major offshore fields.
Also, the company will take a 12.88 per cent indirect interest in the Mubarraz offshore concession held by Abu Dhabi Oil Company. The concession includes four offshore fields.
“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,” said Patrick Pouyanne, chief executive of TotalEnergies.
“The acquisition of a 20 per cent working interest in Sarb and Umm Lulu concession is fully aligned with our strategy of focusing on low-cost, low-emission assets.”
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For over 80 years, TotalEnergies has stamped its presence in the United Arab Emirates and this is reflected by the size and diversity of its multi-energy assets and partnerships. It is today the 1st foreign company active in the country, with all its businesses present.
In January 2022, TotalEnergies joined Masdar and Siemens Energy in an initiative to drive green hydrogen development and produce Sustainable Aviation Fuel. In July 2022, TotalEnergies and ADNOC have signed a strategic partnership agreement that aims to jointly evaluate new growth opportunities through a multi-energy cooperation across the entire energy value chain.
