Dubai – Moeve, the Spanish energy company backed by Abu Dhabi’s Mubadala Investment Company, has completed the sale of its oil assets in Algeria. The transaction involves transferring minority stakes in three onshore oil fields located in the Berkine Basin to Indonesia’s state-owned firm, Pertamina. The financial value and specific terms of the deal were not disclosed.
This move aligns with Moeve’s broader strategy to divest from conventional oil production activities. The company is actively redirecting its investments toward low-carbon energy projects. The sale includes stakes in the Rhourde El Khrouf, Bir El Msana, and Ourhoud fields. These assets represent a significant portion of Moeve’s historical presence in the Algerian upstream sector.
Strategic Divestment and Portfolio Restructuring
The transaction marks Moeve’s complete exit from its oil portfolio in Algeria following years of exploration and production operations in the region. This divestiture is part of a series of restructuring actions aimed at reducing exposure to traditional fossil fuels. The Berkine Basin remains one of Algeria’s most prominent oil-producing regions, making these assets strategically valuable.
Moeve retains an 11% stake in the Timimoun gas project located in central Algeria. However, this asset was excluded from the current announcement. The divestment scope was strictly limited to the three onshore oil fields mentioned above. The company emphasized that it will continue to explore investment opportunities in Algeria, particularly in renewable energy and green hydrogen sectors.
Ownership Structure and Corporate Rebranding
Mubadala holds approximately 61.36% of Moeve’s shares, making it the largest shareholder. The US-based Carlyle Group owns the remaining 38.41%. Formerly known as CEPSA, the company rebranded as Moeve in late 2024. This change reflects its pivot toward sustainable energy solutions and low-carbon technologies.
The company launched an investment plan worth eight billion euros until 2030. More than 60% of these funds are directed toward sustainable activities. These include green hydrogen, biofuels, sustainable chemicals, and electric mobility. Recent sales of oil production assets in Abu Dhabi and South America further demonstrate this strategic shift.
Moeve operates across oil, gas, refining, petrochemicals, and fuel distribution. Despite exiting Algerian oil production, the firm intends to maintain a presence in the market through clean energy initiatives. The deal underscores the growing integration of Middle Eastern sovereign wealth into global energy transitions while facilitating asset reallocation for Indonesian state enterprises.
This story was produced in the newsroom from the disclosed sources named above.
