Cepsa continues with the decarbonization process of its activity and, as EL MUNDO has learned, will sell the Exploration and Production business in Peru and Colombia. The management bank Scotiabank will manage the sale process, which entails putting the wells it has in these countries on the market, which accounted for around 9% of the company’s oil production in 2022. The company led by Marteen Wetselaar started last year a transformation strategy, Positive Motion, to which it will allocate 8,000 million euros until 2030 to develop new sustainable business areas.
This means that so far this year Cepsa has put up for sale almost 60% of its Exploration and Production business -known as Upstream in the sector-, after selling close to 50% of its capacity in May in an already announced goodbye to crude. Peru and Colombia are another step in this direction.
From Cepsa they detail that “we do not comment on possible operations, but we can point out that, within the framework of the development of our ‘Positive Motion’ transformation strategy, the company recurrently assesses different options to maximize the value of its assets”.
The main movement in this regard took place six months ago, in March 2023, when the company reached an agreement to sell its Exploration and Production business. in United Arab Emirates to the French TotalEnergies. This meant getting rid of its stake (20%) in the Satah Al Razboot (SARB), Umm Lulu, Bin Nasher and Al Bateel field, which at that time was the one that contributed the most production to this area. The transaction was valued at €1.5 billion.
The energy group got rid of 50% of its Upstream activity in this sale, although it still maintained the businesses in Algeria, Peru and Colombia. For some time, Cepsa has been turning towards an activity more focused on renewable energies and biofuels.