TotalEnergies has signed an agreement with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an effective date of 1 January 2023. The assets to be acquired are:20% participating interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concession. The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60% interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore. 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company, through the acquisition of 20% of Cosmo Abu Dhabi Energy Exploration & Production, a company holding a 64.4% 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 satisfaction of customary conditions precedent, including formalization of documentation and final approvals.
TotalEnergies has signed an agreement with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an effective date of 1 January 2023. The assets to be acquired are:20% participating interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concession. The SARB and Umm Lulu concession includes two major offshore fields. ADNOC holds a 60% interest in this concession, alongside OMV (20%). The concession is operated by ADNOC Offshore. 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company, through the acquisition of 20% of Cosmo Abu Dhabi Energy Exploration & Production, a company holding a 64.4% 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 satisfaction of customary conditions precedent, including formalization of documentation and final approvals.
