TotalEnergies has picked up stakes in multiple oil and gas assets in the United Arab Emirates from Spanish player Cepsa and Japan’s Cosmo Abu Dhabi Energy Exploration & Production (CEPAD).
The French supermajor confirmed the deals this week and noted the acquisitions are aimed at further strengthening its presence in Abu Dhabi, where it has been present since 1939.
The first deal involves the acquisition of a 20% participating interest by TotalEnergies in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel (SARB & Umm Lulu) offshore concession, it said.
Abu Dhabi National Oil Company (Adnoc) holds a 60% stake in SARB & Umm Lulu, with the remaining 40% held by Austria’s OMV.
TotalEnergies also picked up a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company (ADOC), through the acquisition of a 20% stake in CEPAD.
Japan’s CEPAD has a 64.4% interest in ADOC.
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The Mubarraz concession comprises four producing offshore fields, the company said.
TotalEnergies stated that the transactions are “subject to satisfaction of customary conditions precedent, including the formalisation of documentation and final approvals”.
The French company’s chief executive, Patrick Pouyanne, said the SARB & Umm Lulu acquisition is fully aligned with the company’s strategy of focusing on low-cost, low-emission assets.
TotalEnergies has multiple oil and gas stakes in Abu Dhabi, including interests in the Adnoc Onshore oil concession; the offshore Umm Shaif & Nasr oil concession; the offshore Lower Zakum oil concession; Adnoc Gas, Adnoc LNG; and the Ruwais Diyab unconventional gas concession.
In partnership with UAE’s Mubadala, TotalEnergies also holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, UAE and Oman.