KEO Energy assumes operation of PetroUrdaneta in Venezuela

KEO Energy, a US-based subsidiary of KEO Capital, has reached an agreement with Petróleos de Venezuela (PDVSA) to assume technical and operational management of PetroUrdaneta. This joint venture operates oil fields within the Lake Maracaibo basin.

KEO Energy currently holds a 24% stake in the company, which was established in 2011, while PDVSA retains 60%. The US firm has a binding agreement to increase its equity position to 40%. Unlike other entities involved in Venezuela's energy reopening, KEO Energy maintains direct ownership in a productive asset.

Under the leadership of CEO Davide Tomassoni, the company has appointed Philippe Bize as Chief Operating Officer to oversee infrastructure and technical management, and Roberto Alfonso as Country Manager for Venezuela. The corporate strategy includes creating specialized technical jobs and utilizing local industrial services and logistics in the western region of the country.