Moeve sells Algerian oil stakes to Pertamina
By the AFREEQUE newsroom, based on Algérie Eco
Spanish company Moeve has reached an agreement with Indonesian state-owned group Pertamina to sell its minority stakes in three oil fields in Algeria’s Berkine Basin. The amounts were not disclosed and the deal completes Moeve’s withdrawal from hydrocarbon exploration and production, according to the company and Reuters.
Spanish energy company Moeve announced on Wednesday 4 November the sale to Indonesian state-owned group Pertamina of its minority stakes in three onshore oil fields in the Berkine Basin, in southern Algeria. The agreement covers Rhourde el Khrouf, Bir el Msana and Ourhoud, but its value was not disclosed, according to Moeve and Algérie Eco.
Moeve also concluded a separate agreement to sell its minority stake in the Timimoun gas field, according to Reuters. This transaction does not appear in the official statement published by the Spanish company.
The operation completes Moeve’s withdrawal from oil exploration and production activities. Formerly known as Cepsa, the company changed its name in 2024 and plans to invest €8 billion in green hydrogen and biofuels. It will retain refining activities in Spain and says it intends to remain present in Algeria in renewable energy, green hydrogen and chemicals, Algérie Eco reports.
Moeve is nearly 62% owned by Mubadala, the Abu Dhabi sovereign wealth fund, while US fund Carlyle holds about 38% of its capital. The sale follows several divestments in hydrocarbon exploration and production, notably in Abu Dhabi and South America, according to the Spanish company.
