Mubadala-owned Moeve sells Algerian oilfield stakes to Pertamina, nearing a full exit from oil and gas production

Mubadala-owned Moeve is nearly out of oil and gas production: Spanish energy company Moeve, almost 62% owned by Abu Dhabi’s Mubadala, has agreed to sell its minority stakes in three Algerian oilfields to Indonesia’s state-owned Pertamina, according to a press release. Pertamina, which has run upstream operations in Algeria since 2014, will take Moeve’s non-operated stakes in the Rhourde el Khrouf, Bir el Msana, and Ourhoud fields in the Berkine Basin for an undisclosed sum. The transfers still need approval from Algerian authorities.

One more sale, and it's done: Moeve has separately agreed to sell its minority stake in Algeria’s Timimoun gas field, Reuters reports, citing a person familiar with the matter. Together, the Algerian sales will complete its exit from exploration and production, and it will keep its refineries in Spain, which have benefited from strong refining margins in recent quarters.

BACKGROUND- Moeve, then known as Cepsa, sold its Abu Dhabi oil interests to TotalEnergies in 2023. These included a 20% stake in the offshore concession covering Satah Al Razboot and Umm Lulu. A year later, it sold its upstream business in Peru to Canada’s PetroTal.

Moeve is rebuilding around hydrogen and biofuels: The company is pursuing an EUR 8 bn investment plan centered on low-carbon businesses. That includes Onuba, a green hydrogen project in southern Spain whose 300 MW first phase began construction in September. That phase is a joint investment of more than EUR 1 bn, and Moeve holds 51%.

Algeria stays on the map: The company says it will keep exploring renewables, green hydrogen, and chemicals in the country. It signed an agreement with state energy company Sonatrach in 2024 to study a potential green hydrogen project aimed mainly at supplying Europe.