Moeve has reached an agreement with Indonesian energy company Pertamina to sell all of its stakes in three onshore hydrocarbon fields in Algeria’s Berkine Basin. The deal, announced on Wednesday, November 4, will complete its divestment from the oil and gas exploration and production business, an activity it will exit once the pending transfers have been finalized.
The agreement covers the transfer of Moeve’s stakes in the Rhourde el Khrouf (RKF), Bir el Msana (BMS), and Ourhoud (ORD) fields, three hydrocarbon production assets in which the Spanish company holds an interest but does not directly operate.
The sale will be conducted through Cepsa Algérie, S.L.U. and Cepsa (Rhourde El Rouni), S.L.U., both wholly owned subsidiaries of Moeve. The buyer will be PT Pertamina Algeria Eksplorasi Produksi (PAEP), a company belonging to the Indonesian energy group Pertamina.
The completion of each transfer will be subject to the fulfillment of the usual requirements for this type of transaction, including the relevant authorizations from the competent Algerian authorities. Moeve has not disclosed the agreed price or specified a timeline for completing the transactions.
The divestment in Algeria is the final phase of an international asset sale process launched in 2023, when the company disposed of its hydrocarbon production businesses in Abu Dhabi. During 2024, it completed similar transactions in Colombia and Peru, while in 2025 it sold its exploration assets in Suriname.
With the transfer of its Algerian stakes, Moeve expects to complete its exit from the exploration and production segment, known in the energy sector as upstream. According to the company, it will become the first integrated oil and gas company in Europe to divest itself of this entire business.
This restructuring of activities is part of the Positive Motion corporate strategy, through which Moeve is gradually reshaping its business portfolio to increase the share of energy solutions linked to decarbonization.
The company’s main investment areas include developing green hydrogen and its derivatives, producing second-generation biofuels (2G), and transforming its industrial facilities. The business objective is to combine the supply of conventional fuels with new energy alternatives for transportation and other industrial sectors.
Exiting the exploration and production business does not mean abandoning all hydrocarbon-related activities, as Moeve will continue operating in segments such as refining, fuel marketing, and other energy activities.
Pertamina, for its part, will expand its stakes in Algeria’s hydrocarbon sector through PAEP, a subsidiary of Pertamina Internasional EP (PIEP) that has managed the group’s exploration and production operations and investments in the North African country since 2014.
The Indonesian company operates in Algeria in partnership with Sonatrach, the state-owned energy company, with which it is developing investments related to the extraction of oil and gas resources.
Moeve has also confirmed its intention to continue exploring business opportunities in Algeria, although these will focus on activities other than hydrocarbon extraction. Identified possibilities include renewable energy projects, the production of green hydrogen and its derivatives, and other initiatives related to the energy transition.
The Spanish energy company is also considering new forms of industrial, petrochemical, chemical, and commercial cooperation in the country. These opportunities build on its long-standing relationship with Sonatrach, with which it shares interests in developing industrial and energy projects.
