TotalEnergies Acquires CEPSA’s Upstream Assets In Abu Dhabi

TotalEnergies said Wednesday ithas signed an agreement with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an effective date of January 1, 2023.

The assets to be acquired include a 20% participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession. The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60% interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore. 

Also included in the agreement is a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company 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 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.

In partnership with ADNOC, TotalEnergies holds the following interests:

• 10% in the ADNOC Onshore oil concession;
• 20 % in the offshore Umm Shaif & Nasr oil concession and 5% in the offshore Lower Zakum oil concession;
• 15% in ADNOC Gas Processing (former GASCO);
• 5% in ADNOC LNG (former ADGAS);
• 5% in the National Gas Shipping Company (NGSCO); 
• 40% in the Ruwais Diyab unconventional gas concession. 

In partnership with Mubadala, TotalEnergies holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, UAE, and Oman (2007). 

“This transaction represents another important milestone in our long-standing partnership with ADNOC and will further strengthen our presence in Abu Dhabi where we have been present since 1939”, said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies. “The acquisition of a 20% working interest in SARB and Umm Lulu concession is fully aligned with our strategy of focusing on low-cost, low emission assets.”