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.
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