Energy & Trade · Madrid and Berkine basin

Moeve sells its last upstream assets, Algerian oil stakes, to Pertamina

Moeve, the former Cepsa, has agreed to sell its stakes in three non-operated onshore fields in Algeria's Berkine basin to an Indonesian Pertamina unit. The sale completes its exit from exploration and production, pending Algerian authorisation.

AI text based on reports by La Razón, El Confidencial, europa press and other publishers. Published today at 09:58. How it is made

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In brief

Madrid, Berkine basin · Spain, Algeria

How it came to this

2023Abu Dhabi production assets sold
2024Colombia and Peru production assets sold
2025Suriname exploration assets sold
4 NovAgreement to sell Algerian stakes to Pertamina, pending approval

A sale that completes the exit

Moeve, the former Cepsa, has agreed to sell its stakes in three onshore oil fields in Algeria to PT Pertamina Algeria Eksplorasi Produksi (PAEP), a subsidiary of Pertamina Internasional EP. The fields are Rhourde el Khrouf, Bir el Msana and Ourhoud, all in the Berkine basin and all non-operated, so Moeve held partner shares without running the wells. The transfer covers the whole stake in each field, carried out through its wholly owned units Cepsa Algerie and Cepsa (Rhourde El Rouni). With this step the company sells its last exploration and production asset, making it the first integrated oil and gas company in Europe to dispose of its entire upstream business. Moeve says it will keep exploring renewable energy, green hydrogen and its derivatives in Algeria, along with wider industrial, petrochemical and commercial cooperation.

Terms and open conditions

The price has not been disclosed, and Moeve has not said how much production the transferred stakes represent. Completion of each asset transfer depends on the usual conditions for deals of this kind, including authorisation from the competent Algerian authorities. Based on the company's latest annual management report, Moeve holds 49% of Rhourde el Khrouf, 75% of Bir el Msana and 37% of Ourhoud. PAEP has managed Pertamina's oil and gas exploration and production in Algeria since 2014, working alongside the state company Sonatrach on strategic investments. Until those approvals are granted, the transaction remains pending.

The earlier sales

The Algerian deal follows a series of disposals. Moeve sold its Abu Dhabi production assets in 2023, its Colombia and Peru production assets in 2024, and its Suriname exploration assets in 2025. The company is controlled by Abu Dhabi's sovereign fund Mubadala and the US fund Carlyle. El Periodico reports that the group started a deep transformation four years ago, moving from oil producer to multi-energy company. The chart below shows the sequence of sales.

Financial weight of the business

Despite the exit, upstream activity still contributes to earnings. The exploration and production division posted adjusted CCS EBITDA of 259 million euros in 2025, down from 298 million the previous year. In the first nine months of 2026 the division earned 238 million euros, up from 200 million in the same period of 2025, helped by higher oil prices. El Confidencial notes that the company has kept profitability in an activity it has been shrinking for years. The chart below compares these figures.

Exploration and production adjusted CCS EBITDAmillion euros

Data from the article text

What remains

Moeve describes the stake sales as part of an accelerating green transformation. Its plans for renewables and hydrogen in Algeria rest on its long-standing collaboration with Sonatrach. The sale still needs regulatory sign-off before any asset changes hands. No price or completion date has been announced.

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