SPAIN'S MOEVE: AGREES TO SELL ALGERIAN OIL ASSETS TO PERTAMINA FOR UNDISCLOSED AMOUNT
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Moeve Moves to Sell Algerian Oil Field Stakes to Indonesia’s Pertamina in Low-Carbon Transition
Spanish energy company Moeve has agreed to sell its minority stakes in three Algerian oil fields to Indonesia’s state-owned Pertamina. The deal marks another step in Moeve’s broader strategy to reduce its exposure to traditional oil production and expand its investments in lower-carbon energy businesses.
In October 2024 the current Moeve took a new path by leaving behind Cepsa’s mythical brand, which had 95 years of history. Since then it has embarked on a race, in a way against the clock, to turn to green technologies. That last step is executed with the sale of 100% oil exploration and production business. All this just a few days after the setback that the failed operation with Galp has caused to merge commercial businesses.
The company transfers to Pertamina Algeria Eksplorasi Produksi (PAEP) its shares in several deposits in the Berkine basin
The former Cepsa transfers its shares in three oil fields to the Indonesian group after divestment of assets in Abu Dhabi, Colombia, Peru and Suriname.
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