The asset
PetroUrdaneta, in the Maracaibo Basin
PetroUrdaneta operates the strategic fields La Paz, Mara Oeste, Mara Este and El Mojan in the Maracaibo Basin region in northwestern Venezuela.
The fields were discovered in the 1920s and especially the La Paz field has played a pivotal role in establishing Venezuela as a leading oil producer. Together they are estimated to hold more than 8 billion barrels of original oil in place.
La Paz
6 active wells · current production
Mara Oeste
Maracaibo Basin
Mara Este
Maracaibo Basin
El Mojan
Maracaibo Basin
Approximately 280 inactive wells across the fields represent the near-term reactivation base.
Business plan · 2025
An updated development program for the Venezuelan fields
Developed in early 2025, the plan identifies significant potential from changing lifting methods in existing wells, alongside new wells brought on stream.
84m
Barrels of oil in total projected production volume
167
BSCF of gas projected over the program
40,000
Barrels of oil equivalent per day targeted at peak production
150
Wells on stream included in the plan
Reserve report
First independent reserve report expected in H2 2026
KEO Energy has engaged an internationally recognized independent reserve auditor to prepare its first reserve report for the Venezuelan fields.
