Moeve Exits Upstream Oil Sector With Algerian Asset Sale to Pertamina

The transaction includes Moeve’s non-operated interests in the Berkine Basin, specifically the Rhourde el Khrouf, Bir el Msana, and Ourhoud hydrocarbon fields. While financial terms remain undisclosed, the deal awaits customary regulatory approvals from Algerian authorities. This move aligns with the company’s recent rebranding from Cepsa, aimed at pivoting toward a more sustainable energy model.

Despite withdrawing from exploration and production, the company retains a robust refining business in Spain, which saw core earnings double during the first nine months of 2026. This shift follows the collapse of merger talks with Portugal’s Galp last week, which would have consolidated their downstream retail and refining footprints. Looking ahead, Moeve intends to maintain its industrial ties to Algeria, focusing on green hydrogen and petrochemical cooperation with state firm Sonatrach, while its majority shareholder, Mubadala, continues to expand its renewable energy portfolio through Masdar.