Moeve agreed to sell its upstream oil and gas assets located in Algeria to units of Pertamina, the state energy firm of Indonesia. The transaction marks the exit of the company from the upstream sector. Operations in the region are centered in the Berkine Basin. Management at Moeve finalized the divestment agreement as part of a wider strategic shift for the organization. Indonesian officials at Pertamina confirmed the acquisition of these specific energy interests. The move concludes the presence of Moeve in Algerian oil and gas exploration and production. All parties are currently working toward the completion of the transfer.
This agreement, involving the sale of upstream oil and gas assets to units of Pertamina, represents a definitive change in the operational footprint of Moeve. By transferring these interests to the Indonesian state energy firm, Moeve effectively ceases its involvement in the upstream segment of the industry. The decision to divest these assets follows a structured review of the company's long-term portfolio objectives. As the company moves away from exploration and production, the management team is focusing on other core business areas. Pertamina, through its designated units, will assume control of the assets once the transition process is concluded.
Details of Algerian Transaction
Moeve holds interests in three non-operated onshore hydrocarbon fields located within the Berkine Basin. These assets include the Rhourde el Khrouf, Bir el Msana, and Ourhoud fields. The divestment of these specific interests transfers ownership to units of Pertamina as part of the broader corporate exit from the upstream sector. Completion of the transaction remains subject to customary conditions, including the receipt of necessary approvals from Algerian authorities. All parties continue to work toward fulfilling these regulatory requirements to finalize the transfer of the assets.
The fields—Rhourde el Khrouf, Bir el Msana, and Ourhoud—are situated in the Berkine Basin, a key area for hydrocarbon activity in Algeria. Because Moeve held these as non-operated interests, the transfer to Pertamina involves the assignment of non-controlling stakes in the production sites. The regulatory process, which requires the formal consent of Algerian authorities, is a standard component of such international energy transactions. Until these approvals are secured, the existing operational arrangements for the Rhourde el Khrouf, Bir el Msana, and Ourhoud fields remain in place.
Corporate Ownership and Structure
Mubadala, the sovereign investment company of the United Arab Emirates, holds a nearly 62% stake in Moeve. The energy organization, which operated under the name Cepsa before its rebranding, maintains this ownership structure as it manages its portfolio adjustments.
Financial results for the first nine months of 2026 show that Moeve reached a doubling of its core earnings compared to the same period in 2025. This performance resulted from strong refining margins alongside higher utilization rates across the company's facilities.
Moeve and the Portuguese energy company Galp concluded negotiations last week regarding a proposed combination of their refining and fuel retail businesses. The two companies had been in discussions to integrate these specific operations, but the talks ended without reaching a final agreement.
The ownership stake held by Mubadala, the sovereign investment company of the United Arab Emirates, remains a central pillar of the corporate structure of Moeve. This nearly 62% shareholding continues to influence the strategic direction of the firm, formerly known as Cepsa. As the organization navigates these shifts, including the exit from the upstream sector, the financial health of the company remains a priority for its shareholders. The recent doubling of core earnings for the first nine months of 2026 notes the current operational focus on refining efficiency and capacity utilization. The cessation of merger talks with Galp last week regarding refining and retail assets demonstrates the current boundaries of the company's expansion strategy. Moeve continues to monitor its portfolio as it adjusts to these developments.
