Algeria — Moeve Agrees to Sell Oil Field Interests to Pertamina as Energy Transition Advances
Spanish energy company Moeve has agreed to transfer its interests in several Algerian oil production assets to Indonesia’s state-owned energy company Pertamina, continuing its efforts to reshape its business around lower-carbon energy activities.
Moeve, which is majority-owned by Abu Dhabi investment fund Mubadala, announced the agreement on Wednesday.
The transaction is part of a wider transformation strategy aimed at reducing the company’s involvement in conventional oil production. Over the past several years, Moeve has gradually sold oil production assets in various regions, including Abu Dhabi and South America.
The latest agreement involves Moeve’s minority stakes in three onshore oil fields in Algeria’s Berkine Basin. The assets include Rhourde el Khrouf, also known as RKF, Bir el Msana, or BMS, and Ourhoud.
Under the agreement, Pertamina will take over Moeve’s interests in the three fields.
The companies have not revealed the financial terms of the transaction. A spokesperson for Moeve also declined to disclose the sale price or provide further information about the agreement.
The divestment aligns with Moeve’s longer-term objective of moving away from traditional oil production while allocating more resources to emerging energy sectors.
The company is pursuing opportunities in areas such as green hydrogen and biofuels as it works to expand its presence in lower-carbon industries.
Moeve previously operated under the name Cepsa before changing its corporate identity in 2024. The rebranding reflected its ambition to transform its business model and strengthen its position in the energy transition.
The company’s plans are backed by an €8 billion strategic investment programme.
However, Moeve will continue to maintain a substantial presence in conventional energy. It still operates refineries in Spain, where refining margins have remained strong in recent quarters.
The company also plans to retain an active presence in Algeria, although its future business activities are expected to place greater emphasis on renewable energy, green hydrogen and chemicals.
The agreement reflects a broader shift among major energy companies as they reconsider their exposure to conventional oil production and pursue opportunities in alternative energy markets.
For Moeve, the sale of its Algerian interests is part of an ongoing restructuring process rather than a standalone business decision. Previous asset disposals in other regions illustrate its continued efforts to reshape its international portfolio.
For Pertamina, the transaction provides an opportunity to acquire interests in three producing oil fields and expand its involvement in Algeria’s energy sector.
Financial details and other terms of the agreement have not been disclosed.
The latest divestment reinforces Moeve’s commitment to making lower-carbon businesses a more prominent part of its future operations while maintaining its existing refining activities in Spain.
Original article
Comments