TotalEnergies has agreed to acquire CEPSA’s upstream assets in Abu Dhabi, in the United Arab Emirates with an effective date of 1 January 2023.

The assets to be acquired inlcude a 20 per cent participating interest in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB and Umm Lulu) offshore concession. The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60 per cent interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore.

The deal also inlcudes a 12.88 per cent indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC), through the acquisition of 20 per cent of Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (CEPAD), a company holding a 64.4 per cent interest in ADOC. The Mubarraz concession is comprised of four producing offshore fields.

The SARB and Umm Lulu transaction and the Mubarraz transaction are subject to customary conditions, including formalisation of documentation and final approvals.

Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies said the transaction represents another important milestone in the company’s long-standing partnership with ADNOC and will further strengthen its presence in Abu Dhabi.

“The acquisition of a 20 per cent working interest in SARB and Umm Lulu concession is fully aligned with our strategy of focusing on low-cost, low emission assets.”

TotalEnergies has been present in the United Arab Emirates for more than 80 years where it has built a longstanding presence, reflected by the size and diversity of its multi-energy assets and partnerships. It was the first foreign company active in the country, with all its businesses present.