By: OrePulse

Spain's Moeve has agreed to sell its entire upstream interests in Algeria's Berkine Basin to units of Indonesia's Pertamina, completing its exit from the upstream oil and gas business worldwide, the company said.

The assets being sold are Moeve's non-operated interests in the Rhourde el Khrouf, Bir el Msana and Ourhoud fields. The companies did not disclose financial terms. Completion of the deal is subject to customary conditions, including approval from Algerian authorities.

Moeve, which is about 62% owned by Abu Dhabi's Mubadala, said it intends to remain active in Algeria outside upstream production, citing plans in renewables, green hydrogen and industrial and petrochemical cooperation, building on its existing relationship with Algeria's state energy company, Sonatrach.

The sale leaves Moeve's Spanish refining business as its main remaining energy operation. The company said core earnings from that business doubled in the first nine months of 2026.

The deal expands Pertamina's upstream footprint in Algeria's Berkine Basin.

The sale comes about a week after Moeve and Portugal's Galp ended talks on a potential merger, the company said.