Moeve exits Algeria upstream; SEFE and Trafigura renew gas deal

· Oil & Gas · Spain · Algeria

European gas asset ownership shifted on two fronts. Spanish energy firm Moeve agreed to sell its upstream oil and gas assets in Algeria to units of Indonesia's state energy company Pertamina, exiting the upstream business globally. Moeve, which rebranded from Cepsa in 2024, is majority owned by Abu Dhabi's Mubadala. Separately, Germany's SEFE and trading house Trafigura renewed a multi-year natural gas supply agreement through 2031, increasing annual volumes to 30 TWh. Together the moves show continued portfolio reshuffling in Europe's gas sector, with an Abu Dhabi-controlled producer stepping back from upstream while a German buyer locks in long-term supply.

Why it matters：Divestments and long-term supply renewals together illustrate how European gas players are repositioning around security of supply and portfolio focus.

Key points

  • Moeve's sale marks a full exit from the upstream business globally.
  • Pertamina units are the buyers of the Algerian assets.
  • SEFE and Trafigura's renewed deal raises annual volumes to 30 TWh through 2031.

Sources (original reporting)

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