Mubadala-Owned Moeve Sells Algerian Upstream Assets to Pertamina

Key Facts

Spanish energy firm Moeve agreed to sell its entire upstream oil and gas interests in Algeria to units of Indonesia’s state energy firm Pertamina. Oilprice.com reported that Mubadala Investment Company, the Abu Dhabi sovereign wealth fund, holds a majority stake of nearly 62% in the Spanish company, which rebranded from Cepsa in 2024.

The transaction includes the transfer of interests in onshore fields in the Berkine Basin, specifically Rhourde el Khrouf, Bir el Msana, and Ourhoud, subject to approval from Algerian authorities. This divestment aligns with Moeve's strategy to exit global upstream operations and focus on renewable energy and green hydrogen, while maintaining its refining business in Spain which saw core earnings growth in the first nine months of 2026.