TotalEnergies acquires Middle Eastern upstream assets from CEPSA
(WO) – TotalEnergies has signed an agreement with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates.
Upstream acquisition details
TotalEnergies acquired a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession. The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60% interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore.
TotalEnergies also acquired a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), through the acquisition of 20% of Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (CEPAD), a company holding a 64.4% interest in ADOC. The Mubarraz concession is comprised of four producing offshore fields.
“This transaction represents another important milestone in our long-standing partnership with ADNOC and will further strengthen our presence in Abu Dhabi, where we have been present since 1939”, said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.
TotalEnergies in the United Arab Emirates
TotalEnergies has been present in the United Arab Emirates for more than 80 years, where it has built a longstanding presence, reflected by the size and diversity of its multi-energy assets and partnerships. It is today the 1st foreign company active in the country, with all its businesses present.
In January 2022, TotalEnergies joined Masdar and Siemens Energy in an initiative to drive green hydrogen development and produce Sustainable Aviation Fuel. In July 2022, TotalEnergies and ADNOC signed a strategic partnership agreement that aims to jointly evaluate new growth opportunities through a multi-energy cooperation across the entire energy value chain.
In partnership with ADNOC, TotalEnergies holds 10% in the ADNOC Onshore oil concession, 20 % in the offshore Umm Shaif & Nasr oil concession and 5% in the offshore Lower Zakum oil concession.
In addition, TotalEnergies holds 15% in ADNOC Gas Processing, 5% in ADNOC LNG , 5% in the National Gas Shipping Company, and 40% in the Ruwais Diyab unconventional gas concession.
In partnership with Mubadala, TotalEnergies holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, UAE, and Oman (2007).
