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HomeLatest NewsCepsa exits the exploration business in the Emirates to accelerate its jump...

Cepsa exits the exploration business in the Emirates to accelerate its jump to green

Date: March 22, 2023 Time: 12:48:04

Cepsa has reached an agreement this Wednesday with TotalEnergies for the sale of its Exploration and Production business in the United Arab Emirates (UAE), which consists of the sale of the 20% stake in the energy in the Satah Al Razboot concession, Umm Lulu, Bin Nasher and Al Bateel and the subsequent transfer of the indirect 12.88% interest in the Mubarraz concession through the transfer of their shares in Cosmo Abu Dhabi Energy Exploration & Production Co. Limited. The company has not disclosed the importation of the operation, Cepsa, but in 2018 the aforementioned 20% stake was acquired for 1.2 billion euros (1.5 billion dollars).

In this way, the company has highlighted that it is accelerating the implementation of Cepsa’s 2030 strategy, called “Positive Motion”, and that one of its objectives is to advance in the transformation of the group to become a leader in sustainable mobility, the production of biofuels and green hydrogen in Spain and Portugal. In addition to being a benchmark for the energy transition. Specifically, Cepsa has committed to investing up to 8 billion euros by 2030 to meet these fines.

In any case, this operation will still have to comply with the final approvals of the corresponding authorities and the necessary bureaucratic procedures. The energy company has set January 1 as the effective date of the transaction.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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