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 sovereign investment company of the United Arab Emirates UAE.

Moeve is selling its entire interests in the non-operated onshore hydrocarbon fields located in the Berkine Basin in Algeria Rhourde el Khrouf, Bir el Msana, and Ourhoud, the Spanish firm said on Wednesday.