French company TotalEnergies signed an agreement with Spanish oil and gas company CEPSA to acquire CEPSA's upstream assets in the UAE on Wednesday.
Under the agreement, TotalEnergies acquired a 20% participating interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concessions.
The Satah Al Razboot and Umm Lulu concessions include two major offshore fields. Abu Dhabi National Oil Company (ADNOC) operates the concession and holds a 60% interest alongside Austrian OMV, which holds a 20% share.
Additionally, the French company acquired a 12.88% indirect interest in the Mubarraz concession, which consists of four producing offshore fields held by ADNOC.
The acquisitions are in line with TotalEnergies' strategy of focusing on low-cost, low emission assets.
"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 Pouyann茅, chairman and chief executive officer of TotalEnergies.
By Zeynep Beyza Kilic
Anadolu Agency
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