Spanish energy firm Moeve has agreed to sell its upstream oil and gas assets in Algeria to units of Indonesia’s state energy firm Pertamina in a deal that sees Moeve, majority owned by Abu Dhabi’s fund Mubadala, exiting the upstream business globally.
Moeve, which rebranded from Cepsa in 2024 “to drive the energy transition towards a more sustainable future,” is nearly 62% owned by Mubadala, the sovereign investment company of the United Arab Emirates (UAE).
Moeve is selling its entire interests in the non-operated onshore hydrocarbon fields located in the Berkine Basin in Algeria: Rhourde el Khrouf, Bir el Msana, and Ourhoud, the Spanish firm said on Wednesday.
Completion of the transfer of each of the assets remains subject to fulfilment of customary conditions in this type of transaction, including the required approvals from the relevant Algerian authorities, Moeve said.
No financial details have been disclosed about the deal.
Moeve said it “remains committed to exploring opportunities in Algeria through the development of renewable energy, green hydrogen and its derivatives, other energy transition opportunities, and broader industrial, petrochemical, chemical and commercial cooperation opportunities.”
These efforts would build on Moeve’s longstanding collaboration with Algeria’s state firm Sonatrach and a shared ambition to contribute to the strategic, industrial, and decarbonization objectives of both companies.
Despite exiting the upstream, Moeve retains a refining business in Spain, whose strong refining margins and increased refining utilization and production delivered doubled core earnings for the company for the first nine months of 2026 compared to a year earlier.
Last week, Moeve and Portuguese energy company Galp ended negotiations over a proposed combination of their refining and fuel retail businesses, abandoning a deal that could have created one of Europe’s largest downstream operators.
Moeve’s majority shareholder, Mubadala, is also a shareholder in the UAE’s clean energy giant Masdar, which wants to become one of the world’s biggest renewable companies targeting 100 gigawatts (GW) of solar and wind assets by 2030.
By Michael Kern for Oilprice.com
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