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2 clusters · 5 sources · 16 days · First seen · Last updated

Foreign investment in Venezuela energy sector

Overview

Foreign energy companies are expanding their operational presence and management roles within Venezuela’s oil and gas sectors.

Qatari group UCC Holding has entered discussions to expand its involvement in various Venezuelan energy sectors. This follows a recent agreement where UCC Holding, alongside BP and ADNOC’s XORG unit, secured a long-term license for the Loran gas project, an offshore field with significant reserves. Diplomatic discussions between Qatari and Venezuelan officials have also increased to facilitate cooperation.

Concurrently, US-based KEO Energy has reached an agreement with Petróleos de Venezuela (PDVSA) to assume technical and operational management of PetroUrdaneta, a joint venture operating in the Lake Maracaibo basin. KEO Energy, which currently holds a 24% stake, has a binding agreement to increase its equity to 40%. The company has appointed new leadership to oversee infrastructure and technical management as part of a strategy to utilize local industrial services in the western region.

Entities

BP · KEO Energy · Venezuela · UCC Holding · Lake Maracaibo

Timeline

  1. [BUSINESS] 3 sources
    KEO Energy assumes operation of PetroUrdaneta in Venezuela

    US-based KEO Energy has agreed to manage the technical and operational activities of PetroUrdaneta, a joint venture with PDVSA operating in Venezuela's Lake Maracaibo basin.

  2. [BUSINESS] 2 sources
    UCC Holding seeks to expand oil and gas operations in Venezuela

    Qatari UCC Holding is negotiating to enter new oil and gas sectors in Venezuela, following its recent partnership with BP and ADNOC on the major Loran gas project.

Sources

2001online.com · alaraby.co.uk · albiladpress.com · contrapunto.com · estamosenlinea.com.ve