Moeve completes exit from oil and gas production with Algeria asset sale

Spanish energy company Moeve, formerly known as Cepsa, has finalized its exit from the upstream exploration and production sector. The company reached an agreement to sell its interests in three onshore hydrocarbon fields located in Algeria’s Berkine Basin to the Indonesian state-owned company Pertamina.

The transaction involves stakes in the Rhourde el Khrouf, Bir el Msana, and Ourhoud fields, which have a combined production of approximately 21,000 barrels per day. The market value of the deal is estimated to be between 500 million and 1 billion euros, pending regulatory approvals from the Algerian government and the state firm Sonatrach.

This divestment is a key component of Moeve’s ‘Positive Motion’ strategic plan, which aims to shift the company’s focus toward biofuels, renewable gases, and hydrogen projects, such as the Andalusian Hydrogen Valley. This move contrasts with several European competitors that have recently scaled back renewable ambitions to prioritize traditional energy businesses.