KEO Capital’s U.S. subsidiary will manage the joint venture’s technical operations in the Lake Maracaibo Basin.
Julio A. López, Editor-in-Chief — KEO Energy, the U.S. subsidiary of KEO Capital specializing in oil and gas, is expanding its presence in Venezuela’s oil industry through an agreement with Petróleos de Venezuela (PDVSA) to manage PetroUrdaneta. This joint venture operates oil fields in the Lake Maracaibo Basin.
The agreement appoints KEO Energy as PetroUrdaneta’s operator and gives the company responsibility for overseeing its technical and operational management. This move marks a new chapter for KEO Energy in Venezuela’s oil industry, as the company acquires an equity stake in a producing joint venture and assumes direct responsibility for its operations.
A U.S. company with assets in Venezuela
KEO Energy operates as part of KEO Capital. However, the company is currently undergoing a corporate separation process that will allow it to establish its own asset base and pursue a future stock market listing.
Its initial involvement in Venezuela focuses on PetroUrdaneta, a joint venture established in 2011 to operate oil fields in the Maracaibo Basin.
PDVSA retains a 60% ownership stake, while KEO Energy currently holds 24% and has a binding agreement to increase its stake to 40%.
This ownership structure sets KEO Energy apart from other participants in the reopening of Venezuela’s oil industry: the U.S. company holds a direct stake in producing assets and assumes responsibility for their operational management.
Davide Tomassoni serves as CEO of KEO Energy and brings more than 23 years of business experience in the United States and Latin America. Throughout his career, he has led companies that successfully achieved Nasdaq listings on three occasions. He completed Harvard Business School’s Owner/President Management (OPM) executive program, speaks four languages fluently, and maintains an extensive network of business and financial contacts across the United States, Latin America, and Europe.
According to the company, its participation model offers an ownership and risk profile that differs from other assets and aligns with recent U.S. government measures.
Philippe Bize and Roberto Alfonso lead the new phase
Philippe Bize recently assumed the position of Chief Operating Officer (COO) at KEO Energy, taking responsibility for preparing PetroUrdaneta’s operations and supporting the company’s growth in Venezuela.
Meanwhile, Roberto Alfonso, KEO Energy’s Country Manager in Venezuela, leads the company’s local representation during this new phase of its oil operations.
Both executives form part of the leadership structure through which KEO Energy aims to strengthen its involvement in PetroUrdaneta, combining operational oversight with local management.
The company will prioritize organizing operations around existing oil infrastructure and advancing the technical management of the fields, in accordance with the responsibilities outlined in its agreement with Petróleos de Venezuela.
Employment and economic impact in Zulia
PetroUrdaneta’s activities also create employment and service contracting opportunities in Zulia state.
Operating productive oil fields requires technical personnel, skilled workers, industrial services, and logistical support. These activities can benefit nearby communities and stimulate the regional economy.
KEO Energy considers local employment a fundamental component of its contribution to the recovery of Venezuela’s oil industry.
The company is thus entering a new phase in the Maracaibo Basin, assuming direct operational responsibilities, pursuing an increase in its ownership stake to 40%, and implementing a growth strategy centered on PetroUrdaneta.
The ultimate impact of this initiative will depend on how effectively KEO Energy executes its plans, secures investments, and translates oil operations into higher production, more jobs, and greater economic opportunities for Venezuela.
