Mubadala-Owned Moeve Sells Algerian Oilfield Stakes to Pertamina, Completing Upstream Exit

Under the deal, Moeve will sell its minority stakes in three onshore oilfields in Algeria's Berkine Basin: Rhourde el Khrouf, Bir el Msana and Ourhoud. The company did not disclose financial terms. Spanish media reports said the stakes are held through Moeve's wholly owned subsidiaries Cepsa Algérie and Cepsa (Rhourde El Rouni). The buyer is PT Pertamina Algeria Eksplorasi Produksi, a unit of Pertamina Internasional EP that has run Pertamina's exploration and production in Algeria since 2014.

A person familiar with the matter told Reuters that Moeve has also agreed to sell its minority stake in the Timimoun onshore gas field. That asset was not included in the company's statement.

Ownership and Strategy

According to Reuters, Mubadala holds almost 62% of Moeve and the US private equity firm Carlyle Group holds about 38%. The company was founded almost a century ago as Compañía Española de Petróleos SA, known as Cepsa, and rebranded as Moeve in 2024.

The Algerian sale is the last step in a multi-year programme of upstream divestments, which earlier included oil production assets in Abu Dhabi and South America. Moeve is redirecting capital into lower-carbon businesses, including green hydrogen and biofuels, under an investment plan of 8 billion euros (about $9 billion). It is keeping its refining assets in Spain, which Reuters said have benefited from strong margins in recent quarters. The company also said it would keep looking at opportunities in Algeria in renewable energy, green hydrogen and chemicals.

Some Spanish outlets described Moeve as the first European oil and gas company to dispose of all of its upstream assets.

Why It Matters

For Mubadala, the deal reshapes one of its largest European industrial holdings. Moeve is now a refiner and fuels marketer building a hydrogen and biofuels business, not an integrated oil producer, which makes its returns depend more on refining margins and on demand and policy support for low-carbon fuels in Europe.

For Pertamina, the purchase extends a long-running presence in Algeria. The Indonesian company entered the country more than a decade ago and has been adding overseas production to offset declining domestic output.

The undisclosed price and the separate Timimoun sale mean the full value of Moeve's exit is not yet clear. Algerian upstream transactions normally need government approval, and neither company has given a closing date in the reports available so far.