TotalEnergies buys out CEPSA’s UAE assets

TotalEnergies has agreed to acquire Spanish energy entity CEPSA’s upstream asset in the UAE, the French energy giant announced on Wednesday.

The deal includes a 20% share of the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concession, commonly known as SARB and Umm Lulu.

TotalEnergies will be partnered on the block with ADNOC, which holds a 60% interest, and OMV with the remaining 20% stake.

The French multinational will also take a 12.88% indirect interest in the Mubarraz concession through acquiring 20% shares in Cosmo Abu Dhabi Energy Exploration & Production Company.

The latter entity holds a 64.4% interest in Abu Dhabi Oil Company, which has a stake in the block.

The Mubarraz play consists 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 Patrick Pouyanné, chairman and CEO of TotalEnergies.

Financial terms of the agreement were not disclosed.