Chemical firm Cepsa has signed an agreement with Canadian company PetroTal Corp. to sell its Exploration and Production business in Peru, including the transfer of the company CEPSA PERUANA S.A.C., which manages the Los Angeles oil field. Completion of the transaction is subject to conditions precedent, including regulatory approvals.
"This transaction supports our transformation as a company and our strategy to make Cepsa a benchmark in the energy transition by the end of this decade, when we expect more than half of our business to come from sustainable energies such as green hydrogen and biofuels," said Cepsa CEO Maarten Wetselaar in a press release.
The operation forms part of the company's Positive Motion 2030 strategy designted to transform its traditional business towards sustainable energy solutions such as green hydrogen, 2G biofuels, and ultra-fast electric charging networks.