TotalEnergies Agrees to Buy Cepsa’s Upstream UAE Assets

French oil company TotalEnergies said it agreed to buy the upstream assets in the United Arab Emirates of Spanish energy company Cepsa. Financial terms were not disclosed. The deal covers the purchase of a 20% stake in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession, which includes two major offshore fields, the statement said.

It also covers the purchase of a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), which comprises four producing offshore fields. Cepsa said that with this transaction, it achieved key objectives set out in its 2030 'Positive Motion' strategy regarding becoming a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal. As part of this goal, Cepsa has committed to invest 8 billion euros (US$8.5 billion) this decade.