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Mubadala-owned Moeve to exit upstream with sale of Algerian assets - Finance news and analysis from Global Banking & Finance Review
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Mubadala-owned Moeve to exit upstream with sale of Algerian assets

Published by Global Banking & Finance Review

Posted on November 4, 2026

2 min read

· Last updated: November 4, 2026

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Mubadala's Moeve Exits Upstream with Sale of Algerian Oil Assets to Pertamina

Moeve's Strategic Divestment and Future Focus

By Pietro Lombardi

Sale Agreement Details

MADRID, Nov 4 (Reuters) - Spanish energy firm Moeve, majority owned by Abu Dhabi fund Mubadala, said on Wednesday it had agreed to sell its Algerian oil assets to Indonesia's state energy firm Pertamina.

Milestones in Moeve's Low-Carbon Shift

The sale marks another milestone in Moeve's shift towards low-carbon businesses following a years-long divestment programme that included the sale of oil production assets in Abu Dhabi and South America.

Financial Terms and Asset Breakdown

The company did not disclose financial terms.

The deal includes Moeve's minority stakes in the Rhourde el Khrouf (RKF), Bir el Msana (BMS) and Ourhoud onshore oilfields in Algeria's Berkine Basin.

Additional Transactions and Complete Withdrawal

Separately, Moeve has also agreed to sell its minority stake in Algeria's Timimoun onshore gas field, a person familiar with the matter said. That transaction was not included in Wednesday's statement.

The sale of its Algerian upstream assets will complete Moeve's withdrawal from the exploration and production business.

Company Background and Future Plans

Ownership Structure and Rebranding

Moeve, formerly known as Cepsa, is controlled by Mubadala with a stake of almost 62%, while US private equity firm Carlyle Group holds about 38%.

Founded almost 100 years ago as Compania Espanola de Petroleos SA, or Spanish Petroleum Company, the firm rebranded as Moeve in 2024 to reflect its focus on low-carbon businesses such as green hydrogen and biofuels under an €8 billion ($9 billion) investment plan.

Ongoing Operations and Future Opportunities

Moeve retains refining assets in Spain, which have benefited from strong margins in recent quarters. It said it would continue exploring opportunities in Algeria in renewable energy, green hydrogen and chemicals.

Additional Information

($1 = 0.8905 euros)

(Reporting by Pietro Lombardi. Editing by Andrei Khalip and Mark Potter)

Key Takeaways

  • Moeve’s sale of Algerian upstream assets to Pertamina marks its complete exit from oil and gas exploration and production, finalizing a divestment strategy launched in 2022 (europapress.es)
  • Moeve, rebranded from Cepsa in 2024 and controlled by Mubadala (≈62 %) and Carlyle (≈38 %), is redirecting capital toward green hydrogen, biofuels, sustainable mobility and chemicals under its €8 billion Positive Motion plan (hydrocarbonprocessing.com)
  • The company is already advancing major renewable projects in Spain—such as the Andalusian Green Hydrogen Valley (300 MW first phase) and a second‑generation biofuels plant—backed by EU funding and partnerships, signaling its strategic pivot from hydrocarbons to green energy (gasworld.com)

References

Frequently Asked Questions

Who is buying Moeve's Algerian oil assets?
Indonesia's state energy firm Pertamina is acquiring Moeve's Algerian oil assets.
What fields are included in the Algerian asset sale?
The sale includes Moeve's minority stakes in the Rhourde el Khrouf, Bir el Msana, and Ourhoud oilfields in the Berkine Basin.
Why is Moeve selling its upstream assets in Algeria?
Moeve is divesting upstream assets to focus on low-carbon businesses as part of a strategic shift.
Will Moeve continue operations in Algeria?
Yes, Moeve will explore opportunities in Algeria in renewable energy, green hydrogen, and chemicals.
Who controls Moeve and what was its former name?
Moeve is majority owned by Abu Dhabi's Mubadala and was formerly known as Cepsa.

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