PetroUrdaneta
PetroUrdaneta is a joint venture in which PdVSA holds 60% and OE&P holds 40%, operating fields in the Maracaibo Basin region in northwestern Venezuela.
In March 2024, KEO Capital paid EUR 4.6 million and secured the exclusive right to acquire 60-100% of Novonor’s Spanish vehicle.
In March 2026, KEO Capital exercised its first call option, acquiring 24% indirect interest, with additional payment of EUR 4.6 million. The transaction includes a contingent payment of EUR 18 million, linked to cumulative production targets.
PetroUrdaneta operates the strategic fields La Paz, Mara Oeste, Mara Este and El Mojan in the Maracaibo Basin region in northwestern Venezuela.
The fields were discovered in the 1920-ties and especially La Paz field has played a pivotal role in establishing Venezuela as a leading oil producer. The fields are estimated to hold more than 8 billion barrels of original oil in place.
KEO Capital has engaged an internationally recognized independent reserve auditor to prepare its first reserve report for the Venezuelan field, expected in the second half of 2026.
The production is currently about 1 500 bbls/d from 6 active wells in La Paz. In addition, the fields hold some 280 inactive wells.
An updated business plan with a first understanding of the main assumptions and the road map for the remainder of the license’s validity, until 2037, was developed in early 2025, with special focus on the next three years.
The plan program outlines a total projected production volume of approximately 84 million barrels of oil and 167 BSCF of gas. The plan targets a peak production of around 40,000 barrels of oil equivalent per day and includes some 150 wells on stream.
In the plan, significant potential has been identified by changing lifting methods in existing wells.