TotalEnergies signed an agreement in March 2023 with CEPSA to acquire CEPSA’s upstream assets in the United Arab Emirates with an effective date of January 1, 2023. The assets to be acquired are:
The Mubarraz concession is comprised of four producing offshore fields.
The SARB and Umm Lulu transaction and the Mubarraz transaction are subject to satisfaction of customary conditions precedent, including formalization of documentation and final approvals.
This transaction represents another important milestone the Company’s long-standing partnership with ADNOC and will further strengthen the presence of TotalEnergies in Abu Dhabi where the Company has been present since 1939.
This operation is fully aligned with TotalEnergies’ strategy offocusing on low-cost, low emission assets.
TotalEnergies has been present in the United Arab Emirates for more than 80 years where it has built a longstanding presence, reflected by the size and diversity of its multienergy assets and partnerships. It is today the first foreign company active in the country, with all its businesses present.
In January 2022, TotalEnergies joined Masdar and Siemens Energy in an initiative to drive green hydrogen development and produce Sustainable Aviation Fuel (SAF). In July 2022, TotalEnergies and ADNOC signed a strategic partnership agreement that aims to jointly evaluate new growth opportunities through a multi-energy cooperation across the entire energy value chain.
In partnership with ADNOC, TotalEnergies holds the following interests:
In partnership with Mubadala, TotalEnergies holds a 24.5% stake in Dolphin Energy, the first gas marketing project between Qatar, UAE, and Oman (2007).
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TotalEnergies has been active in the country’s power generation since 2001 through the Taweelah desalination plant and power station, which meets around 10% of Abu Dhabi’s water and electricity needs, in partnership with TAQA. In renewables, TotalEnergies (20%) is a partner of Masdar and ADPF in UAE’s first Concentrated Solar Power plant, which was inaugurated in 2013 with a capacity of 109 MW. The Company continues to grow in the solar sector in the country, especially in the field of distributed generation where it holds a leading position.
TotalEnergies also has a top position in the manufacturing and marketing of a wide range of automotive and industrial lubricants with a blending plant in the Emirates, supplying the whole region.