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Moeve Sells Algerian Oil
Spanish energy company Moeve, around 62% owned by Mubadala, has agreed to sell its oil assets in Algeria’s Berkine Basin to Indonesian state-owned energy company Pertamina. The value of the deal was not disclosed. The assets include minority stakes in the Rhoude El Krouf, Bir El Msana and Ourhoud fields. A source familiar with the matter said Moeve had also agreed to sell its stake in the Timimoun gas field. The move is part of the company’s withdrawal from exploration and production as it shifts toward low-carbon activities. Moeve will continue to explore opportunities in renewable energy, green hydrogen and the chemical industry in Algeria.
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