UAE-Controlled Moeve Sells Algerian Upstream Assets
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…
Energy firm Moeve, majority owned by Abu Dhabi's Mubadala Investment Company, is selling its upstream oil and gas assets in Algeria to Pertamina, an Indonesia state energy company. The deal sees Moeve exiting the upstream business globally, rebranding from Cepsa in 2024 to focus on sustainable energy. Moeve owns nearly 62% of the Spanish firm, which is selling its interests in the non-operated onshore hydrocarbon fields in the Berkine Basin, including Rhourde el Khrouf, Bir el Msana, and Ourhoud.
The transfer is subject to Algerian authorities' approval. Moeve remains committed to exploring renewable energy and green hydrogen opportunities in Algeria, collaborating with Sonatrach. The company retains a refining business in Spain, which saw a doubling of core earnings in the first nine months of 2026.
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