Moeve reached a strategic agreement to transfer its operating stakes in three hydrocarbon deposits in the Berkine Basin to PT Pertamina Argelia Eksplorasi Produksi (PAEP). The transaction involves the divestment of assets currently held by the company in Algeria. These hydrocarbon deposits serve as the primary focus of the transfer to the subsidiary of Pertamina Internacional EP. Completion of this agreement signifies a shift in the regional portfolio for Moeve as it exits these specific extraction interests. Both parties confirmed the move as part of a strategic adjustment regarding their respective operations in North Africa.
Details of Asset Transfer
Rhourde el Khrouf, Bir el Msana, and Ourhoud constitute the onshore production blocks included in the asset transfer agreement. These specific hydrocarbon deposits are located within the Berkine Basin. The assets included in the transaction are the onshore production blocks of Rhourde el Khrouf, Bir el Msana, and Ourhoud. These sites represent the core extraction interests currently being moved between the two organizations as part of the broader portfolio realignment. The transfer involves the entirety of the stake held by Moeve within these specific geographic coordinates in the basin.
Moeve is executing the transaction through its subsidiaries Cepsa Algérie and Cepsa (Rhourde El Rouni). These two entities hold the formal interests in the mentioned production blocks that are now designated for divestment to PT Pertamina Argelia Eksplorasi Produksi. The transaction is being executed through Moeve's subsidiaries Cepsa Algérie and Cepsa (Rhourde El Rouni). By utilizing these established subsidiaries to facilitate the transfer, the companies aim to ensure the formal legal transition of the production rights for the identified blocks.
Algerian regulatory authorities must grant approval before the sale can be finalized. The transfer of these assets remains contingent upon the receipt of these necessary official authorizations within the country. The sale is subject to approval by Algerian regulatory authorities. This regulatory oversight process is a standard requirement for the transfer of hydrocarbon production interests within the jurisdiction, ensuring that all legal and operational standards are met before the assets officially change hands from the current operator to the incoming entity.
Pertamina Internacional EP has overseen the exploration and production projects for the Indonesian multinational in Algeria since 2014. This subsidiary, known as PIEP, manages the operational portfolio that will now incorporate the assets acquired from Moeve. Pertamina Internacional EP (PIEP) has managed the Indonesian multinational’s exploration and production projects in Algeria since 2014. This long-standing presence in the country provides the operational foundation for the integration of the newly acquired blocks into their existing management structure. The acquisition of these specific assets is designed to complement the ongoing activities that PIEP has directed in the region for the past decade, reflecting a continued commitment to the development of the hydrocarbon extraction portfolio within the North African sector.
