Spanish energy group Moeve, majority-owned by Abu Dhabi sovereign wealth fund Mubadala and backed by private equity firm Carlyle, has agreed to sell its Algerian oil assets to Indonesia’s state-owned energy company Pertamina, according to a report by Reuters.
The transaction reportedly covers minority stakes in the Rhourde el Khrouf, Bir el Msana and Ourhoud onshore oil fields in Algeria’s Berkine Basin. Financial terms were not disclosed.
The divestment marks another step in Moeve’s transition away from oil production towards lower-carbon businesses, following previous asset sales in Abu Dhabi and South America. Formerly known as Cepsa, the company rebranded in 2024 as part of an €8bn strategy focused on green hydrogen, biofuels and other sustainable energy investments.
Carlyle holds approximately 38% of Moeve, which retains refining operations in Spain. The company said it would continue exploring opportunities in Algeria across renewable energy, green hydrogen and chemicals.
