Moeve Exits Global Upstream, Sells Algerian Fields to Pertamina

Moeve, the Spanish energy firm nearly 62% owned by Abu Dhabi's Mubadala, has agreed to sell all of its Algerian upstream oil and gas assets to units of Indonesia's state energy company Pertamina, completing its exit from the upstream business worldwide. The company disclosed no financial terms.

The sale, announced Wednesday, covers Moeve's entire interests in three non-operated onshore fields in Algeria's Berkine Basin: Rhourde el Khrouf, Bir el Msana, and Ourhoud. Completion of each transfer depends on customary conditions, including approvals from the relevant Algerian authorities, Moeve said.

For practitioners, the deal removes another independent-international presence from a mature Saharan play and hands Pertamina — increasingly active abroad as Indonesian domestic output plateaus — non-operated positions alongside Sonatrach-run infrastructure.

Why is Moeve leaving upstream?

Moeve rebranded from Cepsa in 2024, in its own words, "to drive the energy transition towards a more sustainable future." The Algeria divestment is the logical end of that strategy: no operated production portfolio remains elsewhere.

The company said it "remains committed to exploring opportunities in Algeria through the development of renewable energy, green hydrogen and its derivatives, other energy transition opportunities, and broader industrial, petrochemical, chemical and commercial cooperation opportunities." Those efforts, it added, would build on its longstanding collaboration with Algeria's state firm Sonatrach and a shared ambition to contribute to the strategic, industrial, and decarbonization objectives of both companies.

In short: Moeve stays in Algeria, but as a transition-energy and industrial partner rather than a producer.

What replaces upstream cash flow?

Refining does, and it is performing. Moeve said strong refining margins, increased utilization and higher production doubled core earnings at its Spanish refining business for the first nine months of 2026 compared with a year earlier.

The downstream consolidation story, however, just stalled. Last week Moeve and Portuguese energy company Galp ended negotiations over a proposed combination of their refining and fuel retail businesses — a deal that could have created one of Europe's largest downstream operators.

Where does Mubadala fit?

Moeve's majority shareholder, Mubadala, the sovereign investment company of the UAE, also holds a stake in the UAE's clean energy giant Masdar. Masdar is targeting 100 gigawatts of solar and wind assets by 2030, an ambition to rank among the world's biggest renewable companies.

The Algeria sale therefore reads on two levels: a Spanish exit from the Berkine Basin, and an Abu Dhabi-linked portfolio shifting capital from legacy hydrocarbons toward refining returns and renewables scale.

• Seller: Moeve (formerly Cepsa), ~62% Mubadala-owned
• Buyer: units of Indonesia's Pertamina
• Assets: non-operated stakes in Rhourde el Khrouf, Bir el Msana, Ourhoud, Berkine Basin
• Terms: undisclosed; subject to Algerian regulatory approval

The watch item is Algerian sign-off: until the authorities approve each transfer, the deal — and Pertamina's entry into the basin — remains conditional.