Cepsa has closed an agreement with the French company TotalEnergies for the sale of its oil exploration and production business in the United Arab Emirates, which accounts for around half of it. This operation, the amount of which the energy company has not specified, represents a migration of its business model, leaving behind the traditional commitment of the oil company to crude oil to focus on renewable energies.
The closed operation between Cepsa and Total entails the transfer of the Spanish company's 20% stake in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel well concession and the subsequent transfer of its indirect 12.88 stake % in the Mubarraz concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration
The sale is now subject to compliance with the usual conditions in this type of transaction, including "the formalization of the documentation and obtaining the final approvals" by the authorities. The effective date of the agreement is January 1 of this year.
“This transaction positions Cepsa to accelerate its strategic objective of migrating its businesses towards new sustainable areas, such as green hydrogen or biofuels, as well as the development of the first ultra-fast charging network for electric vehicles in Spain and Portugal”, stated this Wednesday the CEO of the company. “We highly value the close collaborative relationships we have developed with the Abu Dhabi government over the years,” Wetselaa added.
The operation with Total allows Cepsa to accelerate its decarbonisation objectives set for 2030. The group seeks to become a leader in sustainable mobility, production of biofuels and green hydrogen in Spain and Portugal, and, therefore, become a benchmark for the transition energetic. The planned investment to achieve these objectives is 8,000 million over the next seven years.
