Spain's Moeve agrees deal to sell Algerian oil stakes, company says

Spanish energy company Moeve said in a statement on Wednesday that it had agreed to sell its oil assets in Algeria to Indonesia's state energy company Pertamina.

Awras reported that the deal covers Moeve's minority stakes in three onshore oil fields in the Berkine basin: Rod El Khrouf, Bir El Mesana and Ourhoud.

The company did not give any financial details of the deal. No date has been given for when the sale will be completed.

Awras also reported, citing an informed source, that Moeve had agreed to sell its minority stake in the Timimoun onshore gas field. The company's statement did not mention this deal.

In its statement, Moeve said it would keep looking for opportunities in Algeria in renewable energy, green hydrogen and chemicals.

The deal is a new step in Moeve's shift towards low-carbon activities, Awras reported. The company has sold assets over several years, including oil production assets in Abu Dhabi and South America.

Moeve was founded about 100 years ago and was known as Cepsa until 2024, when it changed its name as part of its shift towards low-carbon work. Its investment plan for these businesses is worth 8 billion euros.

Mubadala, the sovereign fund linked to the Abu Dhabi government, holds about 62% of Moeve's shares. The US private investment firm Carlyle Group holds about 38%.

Moeve still holds refining assets in Spain and has recorded strong quarterly profit margins in recent periods, Awras reported.