KEO Energy signs Venezuela oil field operating agreements

KEO Energy has signed operating agreements with PDVSA to begin work at PetroUrdaneta, a four-field asset in Venezuela’s Maracaibo Basin estimated to hold more than 8 billion barrels of oil in place. The Miami-based unit of KEO Capital says the deal sets up an initial push to raise production and develop associated natural gas, with a possible U.S. listing under review.

Why it matters: - PetroUrdaneta gives KEO Energy access to a large oil-and-gas asset in one of Venezuela’s most established producing regions. - The agreement could unlock production from fields estimated to hold more than 8 billion barrels of original oil in place. - KEO Energy says developing associated natural gas could turn a resource that might be flared into commercial supply for Venezuela, the U.S. and global markets.

What happened: - KEO Energy signed operating agreements on Aug. 28, 2026 with Petróleos de Venezuela, S.A. for the start of its joint venture at PetroUrdaneta. - KEO Capital AB announced the agreements on Aug. 31, 2026. - The deal covers the La Paz, Mara Oeste, Mara Este and El Moján fields in Venezuela’s Maracaibo Basin.

The details: - PetroUrdaneta is described as a four-field asset in northwestern Venezuela. - The fields are estimated to contain more than 8 billion barrels of original oil in place, along with significant natural-gas resources. - KEO Energy’s first priority is to restore and increase oil production from existing infrastructure. - The company also plans technical work on the capture, processing and commercialization of associated natural gas. - Paolo Fidanza, founder and executive chairman of KEO Capital AB, said the venture reflects a chance for an independent American company to move quickly, invest intelligently and operate efficiently. - Fidanza thanked Ambassador John Barnett, his staff and the U.S. administration for support during the process. - Davide Tomassoni, CEO of KEO Energy, said the company wants to move from agreements to execution and begin operating the joint venture. - Tomassoni said the company’s immediate focus is higher oil output and faster development of the gas resources.

Between the lines: - KEO is trying to pair an energy play with a broader corporate restructuring. - KEO Capital AB was formed after the combination of Maha Capital AB and KEO World Inc., and the company changed its name and ticker to KEO Capital AB and KEOC. - The venture also carries political and financial symbolism, with Fidanza framing it as a path to greater energy security, more competitive prices and economic opportunity on both sides. - KEO’s emphasis on gas commercialization suggests the company sees value beyond crude production alone.

What’s next: - KEO Energy will begin operating the joint venture and start technical and operational work at PetroUrdaneta. - KEO Capital AB intends to evaluate a spin-off and potential direct listing of KEO Energy on a U.S. capital market, subject to corporate, regulatory, market and other approvals. - If pursued, the transaction would create a separately capitalized, U.S.-headquartered energy company focused on the Venezuelan assets. - KEO Capital AB would continue its technology-driven financial-services businesses separately.

The bottom line: - KEO Energy now has formal operating rights at a potentially large Venezuelan oil-and-gas asset, and the company is positioning the project as both a production restart and a possible future U.S. listed energy business.