TTE - TotalEnergies buys CEPSA's upstream assets in UAE

TotalEnergies ( NYSE: TTE ) said Wednesday it agreed to acquire the upstream assets in the United Arab Emirates of Spanish energy company CEPSA for an undisclosed sum.

The French oil and gas producer said the deal includes the purchase of a 20% stake in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concession, which includes two major offshore fields, as well as the purchase of a 12.88% indirect interest in the Mubarraz concession held by Abu Dhabi Oil Company, which comprises four producing offshore fields.

Separately, Saipem CEO Alessandro Puliti said it agreed to restart TotalEnergies' ( TTE ) liquefied natural gas project in Mozambique in July.

The project, which would be the Mozambique's first onshore development of an LNG project, was frozen in 2021 due to security concerns.

The freefall in natural gas prices will hurt TotalEnergies' ( TTE ) results in 2023, Fun Trading writes in an analysis published recently on Seeking Alpha .

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