Maha Capital activated its purchase option to acquire an indirect 24% stake in PetroUrdaneta, a key oil asset in Venezuela, following the publication of General License 52 by the Office of Foreign Assets Control (OFAC).
Stake in PetroUrdaneta drives strategy in Venezuela
In this context, the transaction involves an outlay of €4.6 million and reinforces Maha’s interest in expanding into high-potential energy assets. The decision is supported by the new regulatory framework that allows transactions with entities linked to Petróleos de Venezuela (PDVSA).
In addition, the company plans to transfer its stake to U.S. subsidiaries to comply with the conditions set out in the license, which facilitates the legal structuring of the investment.
OFAC General License 52, key to reactivating investments
On the other hand, General License 52 authorizes activities such as the production, marketing, and transportation of Venezuelan oil. It also allows new investments, technology supply, and the creation of joint ventures within the country.
Likewise, this framework opens the door to operational agreements between international companies and PDVSA, which could energize Venezuela’s energy industry.
PetroUrdaneta and its potential in the Maracaibo Basin
PetroUrdaneta is a joint venture in which PDVSA holds 60% and Novonor’s subsidiary holds 40%. It operates in the Maracaibo Basin, one of the country’s most historically oil-producing regions.
As a result, the asset stands out for its medium and light crude reserves, as well as its proximity to existing infrastructure, which facilitates a potential production restart.
Economic impact and next steps
From a corporate perspective, Maha believes this transaction represents a significant opportunity to generate long-term value. The company will continue evaluating strategic alternatives as it moves forward with agreements with local authorities and operating partners.
Finally, the development of these assets could contribute to an increase in Venezuelan oil production in a context of eased sanctions.
Source: Maha Capital
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