TotalEnergies acquires CEPSA’s upstream assets in Abu Dhabi
France’s TotalEnergies has signed an agreement to acquire CEPSA’s upstream assets in the UAE with an effective date of January 1, the company said on March 1.
The assets to be acquired are a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession and a 12.88% indirect 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 holding a 64.4% interest in ADOC.
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The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60% interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore. The Mubarraz concession is comprised of four producing 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 TotalEnergies CEO Patrick Pouyanné. “The acquisition of a 20% working interest in SARB and Umm Lulu concession is fully aligned with our strategy of focusing on low-cost, low emission assets.”
The SARB and Umm Lulu transaction and the Mubarraz transaction are subject to satisfaction of customary conditions precedent, including formalisation of documentation and final approvals.