Cepsa has sold its Exploration and Production business in the United Arab Emirates to France’s TotalEnergies. This comprises the transfer of Cepsa’s 20% interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel well concession (SARB and Umm Lulu Operation) and the subsequent transfer of its indirect 12.88% interest in the Mubarraz concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (Mubarraz Operation).
In 2018, Cepsa’s purchase of 20% of the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel fields alone was valued at €1.2 billion.
These operations have an effective date of 1 January 2023 and are subject to the fulfilment of the conditions precedent that are customary in this type of transaction, including the formalisation of the documentation and obtaining the final approvals.
The sale of the assets responds to the fulfilment of Cepsa’s green transformation strategy for 2030, “Positive Motion”, advancing in the transformation of the group to become a leader in sustainable mobility, the production of biofuels and green hydrogen in Spain and Portugal, and to be a benchmark in the energy transition.
To achieve this goal, Cepsa has committed to investing up to €8,000 million in this decade. “This transaction positions Cepsa to accelerate its strategic objective of migrating its business towards new sustainable areas, such as green hydrogen or biofuels, as well as the development of the first ultra-fast charging network for electric vehicles in Spain and Portugal,” explained Cepsa CEO Maarten Wetselaar.