TotalEnergies to Acquire Cepsa's Upstream Assets in UAE
01 Mars 2023 - 03:14PM
Dow Jones News
By Giulia Petroni
TotalEnergies SE has agreed to acquire Cepsa SA's upstream
assets in the United Arab Emirates for un undisclosed sum.
The French oil-and-gas major said the acquisition comprises a
20% participation in the Satah Al Razboot, Umm Lulu, Bin Nasher and
Al Bateel offshore concession. The Abu Dhabi National Oil Company
holds a 60% interest in the concession, while OMV AG has the
remaining 20%.
As part of the agreement, TotalEnergies will also acquire a
12.88% indirect interest in the Mubarraz concession held by Abu
Dhabi Oil Co., or ADOC, through the acquisition of 20% of Cosmo Abu
Dhabi Energy Exploration & Production Co., a company holding a
64.4% interest in ADOC.
The transaction is subject to customary conditions and will be
effective retroactively from Jan. 1.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 01, 2023 08:59 ET (13:59 GMT)
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