Spanish energy company Moeve has agreed to sell its upstream oil and gas assets in Algeria to units of Indonesia's state-owned energy company Pertamina. This move signifies Moeve's exit from upstream activities globally, as the company seeks to transition towards a more sustainable future in the energy industry.
Details of the deal and sold assets
Moeve, 62% owned by the Mubadala Investment Fund, is selling all of its interests in non-operational hydrocarbon fields located in the Berkine area of Algeria. These fields include Rhourde el Khrouf, Bir el Msana, and Ourhoud. The company has stated that the completion of the transfer of each of these assets is subject to meeting the usual conditions for such transactions and obtaining the necessary approvals from Algerian authorities.
Impacts and Moeve's future in Algeria
The financial details of this deal have not been disclosed. However, Moeve has emphasized that it remains committed to exploring opportunities in Algeria and will continue to develop renewable energy, green hydrogen, and other energy transition opportunities. The company will also continue its industrial, petrochemical, and commercial collaborations with Algeria's state-owned Sonatrach. Despite exiting upstream activities, Moeve still has a refining business in Spain where strong refining margins and increased utilization of refining capacities have led to a doubling of the company's core revenues in the first nine months of 2026 compared to the previous year.
This development comes as Moeve and Portuguese energy company Galp have concluded their negotiations regarding the merger of their refining and fuel sales businesses, a deal that could have created one of the largest downstream operators in Europe, has been halted.
Moeve's main investor, Mubadala, is also a shareholder in the UAE's clean energy company Masdar, which aims to become one of the largest renewable companies in the world with a target of achieving 100 gigawatts of solar and wind energy by 2030.
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