M&AEnergy & RenewablesSIGNED
Moeve Sells Entire Traditional Algerian Oil and Gas Business to Pertamina for USD 1 Billion
Acquirer
Pertamina
Target
Moeve's traditional business in Algeria
Spanish group Moeve has sold its entire traditional upstream oil and gas exploration and production business in Algeria to Indonesian giant Pertamina for USD 1 billion. With this transaction, the company becomes the first oil firm to fully exit traditional hydrocarbon extraction to focus on next-generation energy.
✦ Meridian Analysis
Moeve, the second‑largest Spanish oil producer, has signed an agreement to transfer its entire traditional upstream portfolio in Algeria to PTPertamina, the Indonesian state‑owned oil and gas group, for roughly USD 1 billion. The assets comprise the Berkine basin fields of Rhourde el Khrouf, Bir el Msana and Ourhoud, together delivering just over 20,000 barrels of oil‑equivalent per day. For Moeve the sale represents the final step in its “Positive Motion” strategy to exit all upstream hydrocarbon activities and redeploy capital into next‑generation energy, notably green hydrogen and related industrial projects.
Meridian reported earlier this month that Hy24 and Cofides are acquiring a 29 % stake in Moeve’s green hydrogen project in Spain.
What remains undisclosed are the exact purchase price in euros, the valuation multiple applied to the Algerian assets and the composition of the financing package that will fund the transaction. Neither party has named financial advisers, nor have the required approvals from Algerian authorities or Pertamina’s board been detailed, leaving the timetable for closing and any post‑closing integration steps open for further scrutiny.
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