Moeve exits oil and gas exploration and production

Moeve, formerly known as Cepsa, has completed its transition away from the oil and gas exploration and production business. The company, controlled by Abu Dhabi's Mubadala and the US-based Carlyle Group, has reached a milestone in its green reinvention strategy by selling its final hydrocarbon assets.

As part of this exit, Moeve reached an agreement with Indonesia's state-owned energy group, Pertamina, to sell its remaining exploration and production interests in Algeria. These assets include stakes in three non-operated onshore fields in the Berkine Basin. This sale concludes a multi-year divestment process that included selling assets in Suriname, Colombia, Peru, and Abu Dhabi between 2023 and 2025.

The company aims to balance traditional fossil fuels with sustainable energy solutions, such as green hydrogen and biofuels, targeting a portfolio where green molecules represent one third of the energy mix by 2050. Moeve is currently investing in new sustainable fuel plants, including the Andalusian Green Hydrogen Valley.