Cepsa paid Dh5.5bn ($1.5bn) to secure a 20% stake in the smallest of the three concessions set to replace the offshore Adma concession upon its 8 March expiry. The move greatly increases the Abu Dhabi state-owned Cepsa’s upstream presence in the emirate. Cepsa is the second firm to snag a stake in the post-Adma fields, with the 18 February deal coming one week after an Indian consortium was awarded 10% in the 360,000 b/d Lower Zakum concession (MEES, 16 February).
Cepsa, a Spanish-based integrated oil firm, was acquired by Abu Dhabi investment vehicle IPIC in 2011. IPIC then merged with fellow state-firm Mubadala last year, with the combined entity known as Mubadala. Cepsa has a 12.8% stake in the Japanese-operated Abu Dhabi Oil Company (Adoc), which produces around 45,000 b/d from the Umm al-Anbar, Neewat al-Galan, Mubarraz and Hail fields after the latter hit full production of around 20,000-25,000 b/d this month. Mubadala also has a further 13.4% stake in Adoc. (CONTINUED - 945 WORDS)
