Welligence UAE M&A | TotalEnergies strengthens its UAE position – what’s next for Cepsa?

March 3, 2023

On 1st March 2023, TotalEnergies announced the acquisition of Cepsa’s UAE portfolio for an undisclosed consideration. The package comprises stakes in the Umm Lulu & SARB Concession and the Abu Dhabi Oil Company (ADOC) Concession.

What are the key drivers behind this transaction? The deal reinforces the French Major’s position as the country’s top IOC producer, but what does the future hold for Cepsa now that it has offloaded a major part of its upstream business? How does the transaction align with the companies’ respective strategies?