TotalEnergies announced on 1 March that it is acquiring Cepsa’s stakes in two oil concessions in Abu Dhabi. The French firm was already the largest producer in the UAE and the wider Mena region and this latest acquisition further consolidates its primacy.
Under the agreement, Total will purchase Cepsa’s 20% stake in the Sarb & Umm Lulu offshore oil concession where it will partner Adnoc (60%) and Austria’s OMV. It will also take a 12.88% indirect interest in the offshore Mubarraz concession held by the Abu Dhabi Oil Company (Adoc). The transaction is subject to regulatory approval and will be effective as of 1 January 2023. The value of the transaction was not disclosed. (CONTINUED - 714 WORDS)