Written by: Suhaib Shams
"Moeve", formerly known as "Cepsa", has taken a historic step by selling all its assets in the oil and gas exploration and production sector, becoming the first European petroleum company to completely abandon fossil fuel exploration and production activities.
Strategic shift towards clean energy
This step comes as part of a broad strategic transformation adopted by the Spanish company, where its future investments focus on renewable energies, green hydrogen, biofuels, and sustainable petrochemicals, in line with carbon emission reduction goals.
First European company to fully withdraw from exploration
The deal represents a complete exit from the "Upstream" sector, which includes the search for and development of oil and gas reservoirs, distinguishing "Moeve" from major competing European companies that still maintain exploration and production portfolios alongside their investments in the energy transition.
