TotalEnergies has agreed to acquire the United Arab Emirates upstream assets of Compañía Española de Petróleos, S.A.U. (CEPSA).
With the deal, TotalEnergies would acquire a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession, and a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Co. 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 SARB and Umm Lulu concession, operated by ADNOC Offshore (60%), includes two major offshore fields. OMV holds 20%.
The Mubarraz concession is comprised of four producing offshore fields.
The SARB and Umm Lulu transaction and the Mubarraz transaction are subject to satisfaction of customary conditions precedent, including formalization of documentation and final approvals.
