petrourdaneta

📊 Zulia’s oil changes operational hands
Venezuela’s oil industry continues to make moves. This time, the focus is on Zulia: KEO Energy, the U.S. subsidiary of KEO Capital specializing in hydrocarbons, has been appointed operator of PetroUrdaneta, the joint venture that operates fields in the Lake Maracaibo basin. In practice, this means the company will take on the business’s technical and operational management—not just a seat on the board.
The figure that matters most to those tracking the foreign exchange market is production volume. PetroUrdaneta currently pumps between 1,300 and 2,000 barrels of light crude and gas per day. With the recovery plans announced by the new operator, the goal is to scale up to between 15,000 and 40,000 barrels per day. For perspective, the basin produced nearly 250,000 barrels a day in the 1950s, so it has a rich history, infrastructure, and—above all—untapped potential.