By Giulia Petroni

TotalEnergies SE has agreed to acquire Cepsa SA's upstream assets in the United Arab Emirates for un undisclosed sum.

The French oil-and-gas major said the acquisition comprises a 20% participation in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concession. The Abu Dhabi National Oil Company holds a 60% interest in the concession, while OMV AG has the remaining 20%.

As part of the agreement, TotalEnergies will also acquire a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Co., or ADOC, through the acquisition of 20% of Cosmo Abu Dhabi Energy Exploration & Production Co., a company holding a 64.4% interest in ADOC.

The transaction is subject to customary conditions and will be effective retroactively from Jan. 1.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 01, 2023 08:59 ET (13:59 GMT)

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