Moeve Moeve Sells Share Capital to TotalEnergies, Focuses on Sustainable Activities
Key Ideas
- Moeve Moeve has divested its entire share capital of CEPSA Suriname S.L. to TotalEnergies, leading to TotalEnergies becoming a partner in Block 53 offshore Suriname.
- This divestment is part of Moeve's strategy to focus on sustainable activities, including green hydrogen, green hydrogen derivatives, and second-generation biofuels.
- Moeve has been gradually selling its oil production portfolio, with the goal of generating over 50% of its EBITDA from sustainable activities by 2030.
- The sale of CEPSA Suriname S.L. follows Moeve's previous divestments in Colombia, Peru, and Abu Dhabi, aligning with their 2030 Positive Motion strategy.
Moeve Moeve has announced the sale of its entire share capital of CEPSA Suriname S.L. to TotalEnergies, which results in TotalEnergies becoming a partner with APA and Petronas in the license for Block 53 offshore Suriname. This strategic divestment is in line with Moeve's 2030 Positive Motion strategy, aiming to transition into a company that derives more than 50% of its EBITDA from sustainable activities like green hydrogen, green hydrogen derivatives, and second-generation biofuels. The company has been progressively divesting its oil production assets since 2022, with previous sales in Colombia, Peru, and Abu Dhabi. By selling 70% of its oil production portfolio, Moeve is reshaping its focus towards sustainable energy sources. This move signifies a shift towards a greener future and a commitment to environmental sustainability within Moeve's business model.
Topics
South America
Energy Transition
Business Strategy
Sustainable Development
Latin America
Oil And Gas Industry
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