TotalEnergies Agrees To Buy CEPSA's Upstream Assets In UAE; Financial Terms Not Known

TotalEnergies SE (TTE), a French energy and petroleum firm, said on Wednesday that it has inked a deal with Compañía Española de Petróleos, S.A.U. or CEPSA, a Spanish oil and gas company, to acquire its upstream assets in Abu Dhabi.

Financial terms of the transaction have not been disclosed

The deal, which is effective from January 1, will allow the French firm to acquire a 20 percent participating interest in the Satah Al Razboot or SARB, Umm Lulu, Bin Nasher, and Al Bateel or SARB and Umm Lulu offshore concession.

The SARB and Umm Lulu concession includes two major offshore fields. Abu Dhabi Oil Company Ltd or ADOC holds a 60 percent interest in this concession, alongside OMV with 20 percent.

The concession is operated by ADNOC Offshore.

A 12.88 percent indirect interest in the Mubarraz concession is held by ADOC, through the acquisition of 20 percent of Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd., a company holding a 64.4 percent interest in ADOC.

The Mubarraz concession is comprised of four producing offshore fields.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple has unveiled a bunch of new products for its customers including its first spatial computer Vision Pro Headset. The tech major has also introduced iOS 17, 15-inch MacBook Air, iPadOS 17, TvOS 17 For Apple TV, WatchOS 10 For Apple Watch, New Mac Studio, Mac Pro, and M2 Ultra, among others. The Apple Vision Pro features visionOS, the world's first spatial operating system. Domino's Pizza Inc., the largest pizza company in the world, is offering customers 50 percent off all menu-priced pizzas ordered online today through June 11 ahead of summer. The weeklong 50 percent off online deal is available on menu-priced pizzas ordered through Domino's online ordering channels. These include www.dominos.com, Domino's mobile app, Amazon Alexa, Google Home, Facebook Messenger.. J.T.M. Provisions Co. is recalling around 22,530 pounds of frozen, ready-to-eat beef chili with beans products distributed to schools, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recalled ietms may be contaminated with extraneous materials, specifically white plastic.
Follow RTT