TotalEnergies has signed an agreement with CEPSA to acquire its upstream assets in the UAE
The assets to be acquired are:
• 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.
• 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. “The acquisition of a 20% working interest in SARB and Umm Lulu concession is fully aligned with our strategy of focusing on low-cost, low emission assets.”
TotalEnergies has been present in the United Arab Emirates for more than 80 years where it has built a longstanding presence in the oil and gas sector and in power generation (increasingly in solar). 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.
The company also has a top position in the manufacturing and marketing of a wide range of automotive and industrial lubricants with a blending plant in the UAEm which supplies the whole region.