Cepsa accelerates its Positive Motion strategy implementation with the sale of its upstream assets in Abu Dhabi to TotalEnergies
Wednesday, March 1, 2023
Cepsa has signed an agreement with TotalEnergies to sell its E&P business in the United Arab Emirates, comprising the transfer of Cepsa’s 20% participating interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel concession (the “SARB and Umm Lulu Transaction”) and the subsequent transfer of its 12.88% indirect interest in the Mubarraz Concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (the “Mubarraz Transaction”). The SARB and Umm Lulu Transaction and the Mubarraz Transaction shall be jointly referred to as the “Transaction”.
The Transaction is subject to satisfaction of customary conditions precedent, including formalization of documentation and final approvals. The Transaction is to have an effective date of January 1st, 2023.
The Transaction achieves key objectives set out in Cepsa’s 2030 “Positive Motion” strategy advancing the group’s transformation into a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal and a key benchmark in the energy transition. In furtherance of this goal, Cepsa has committed to invest €8 billion this decade.
Cepsa has signed an agreement with TotalEnergies to sell its E&P business in the United Arab Emirates, comprising the transfer of Cepsa’s 20% participating interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel concession (the “SARB and Umm Lulu Transaction”) and the subsequent transfer of its 12.88% indirect interest in the Mubarraz Concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (the “Mubarraz Transaction”). The SARB and Umm Lulu Transaction and the Mubarraz Transaction shall be jointly referred to as the “Transaction”.
The Transaction is subject to satisfaction of customary conditions precedent, including formalization of documentation and final approvals. The Transaction is to have an effective date of January 1st, 2023.
The Transaction achieves key objectives set out in Cepsa’s 2030 “Positive Motion” strategy advancing the group’s transformation into a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal and a key benchmark in the energy transition. In furtherance of this goal, Cepsa has committed to invest €8 billion this decade.
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