Total acquires CEPSA's upstream assets in UAE

Total has signed an agreement with CEPSA to acquire CEPSA's upstream assets in the UAE.

Acquisition Details

Total Energy acquired a 20% participating interest in the offshore concessions of Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Batel (SARB and Umm Lulo). The SARB and Umm Lulu concessions include two major offshore fields. ADNOC holds a 60% interest in the concession together with OMV (20%). The concession is operated by ADNOC Offshore.

Total Energy has also acquired an indirect 12.88% interest in the Mubaraz concession held by Abu Dhabi Oil Company Limited (ADOC) through the acquisition of a 20% stake in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd (CEPAD), which holds 64.4% interest. The Mubaraz concession consists of four offshore fields.

Pan Yanlei, Chairman and CEO of Total Energy, said: "This transaction is another important milestone in our long-term relationship with ADNOC and will further strengthen our presence in Abu Dhabi, where we have been since 1939. Compare."

Total Energy in the UAE

Total Energy has been present in the United Arab Emirates for more than 80 years, and the scale and diversity of its diversified energy assets and partnerships reflect Total Energy's long-standing presence in the UAE. Today, it is the first foreign company active in the country, where all operations are based.

In January 2022, Total Energy, together with Masdar and Siemens Energy, launched an initiative to advance the development of green hydrogen and the production of sustainable aviation fuel. In July 2022, Total Energy and ADNOC signed a strategic cooperation agreement aimed at jointly evaluating new growth opportunities through diversified cooperation across the entire energy value chain.

Cooperating with ADNOC, Total Energy holds 10% of ADNOC's onshore oil concession, 20% of Umm Shaif & Nasr offshore oil concession, and 5% of Lower Zakum offshore oil concession.

In addition, Total Energy holds a 15% stake in ADNOC Gas Processing, 5% in ADNOC LNG, 5% in the UAE National Gas Transportation Company and 40% in the Ruwais Diyab unconventional gas concession.

Total Energy, in partnership with Mubadala, holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, the UAE and Oman (2007).