TotalEnergies SE (ENXTPA:TTE) signed an agreement to acquire 20% stake in Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel concession from Compañía Española de Petróleos, S.A. on January 1, 2023. In related the subsequent transfer of its 12.88% indirect interest in the Mubarraz Concession through the sale of its shares in Cosmo Abu Dhabi Energy Exploration & Production Co. Ltd. The Transaction is subject to satisfaction of customary conditions precedent, including formalization of documentation and final approvals.

Morgan Stanley (NYSE:MS) acted as financial advisor to Compañía Española de Petróleos, S.A. John Geraghty, Cathy Gilmartin, Louie Gough, Ciara Hickey, Shane Jaftha, Judith Kim and Ibrahim Mubaydeen of Allen & Overy LLP acted as a legal advisor to Compañía Española de Petróleos on this transaction. Simon J. Tysoe of Latham & Watkins LLP acted as legal advisor to TotalEnergies SE in the transaction.