Key facts
- Moeve is selling its entire interests in the non-operated onshore fields Rhourde el Khrouf, Bir el Msana and Ourhoud in Algeria's Berkine Basin.
- Completion of each asset transfer requires customary conditions, including approvals from the relevant Algerian authorities, Moeve said.
- Moeve said it will keep pursuing renewable energy, green hydrogen and industrial cooperation in Algeria with state firm Sonatrach.
- Moeve said strong refining margins and higher refining utilization and production doubled its core earnings in the first nine months of 2026 from a year earlier.
- Moeve and Portugal's Galp ended negotiations last week over a proposed combination of their refining and fuel retail businesses.
Spanish energy firm Moeve has agreed to sell its upstream oil and gas assets in Algeria to units of Indonesia's state energy firm Pertamina, the company said on November 4. The sale covers Moeve's entire interests in the non-operated onshore hydrocarbon fields of Rhourde el Khrouf, Bir el Msana and Ourhoud in the Berkine Basin, and would take the Spanish firm out of the upstream business globally.
Completion of the transfer of each asset remains subject to customary conditions for this type of transaction, including the required approvals from the relevant Algerian authorities, Moeve said. The company did not disclose financial details of the deal.
Moeve, which rebranded from Cepsa in 2024, is nearly 62% owned by Mubadala, the sovereign investment company of the United Arab Emirates. Moeve said it remains committed to exploring opportunities in Algeria through renewable energy, green hydrogen and its derivatives, other energy transition opportunities, and broader industrial, petrochemical, chemical and commercial cooperation. It said those efforts would build on its longstanding collaboration with Algeria's state firm Sonatrach.
Despite leaving upstream, Moeve keeps a refining business in Spain. It said strong refining margins and increased refining utilization and production doubled its core earnings in the first nine months of 2026 compared with a year earlier. Last week, Moeve and Portuguese energy company Galp ended negotiations over a proposed combination of their refining and fuel retail businesses, abandoning a deal that could have created one of Europe's largest downstream operators.
Mubadala is also a shareholder in the UAE's clean energy firm Masdar, which targets 100 gigawatts of solar and wind assets by 2030.