Swedish energy player moves on Venezuelan acquisition

Maha Energy has positioned itself to take on a 40% stake in Venezuelan oil and gas player PetroUrdaneta, the Swedish energy company announced on Thursday.

The exclusivity private instrument with Novonor Latinvest Energy grants Maha Energy rights to acquire 60% of Novonor Latinvest Energy’s 100%-owned subsidiary Odebrecht E&P España, which holds a 40% stake in PetroUrdaneta.

Under the terms, Maha Energy will pay USD 4.9 million for an exclusive period of up to nine months to perform due diligence. Should it choose to continue, the company will pay an additional USD 4.9 million to extend the exclusive period for 12 months.

Afterwards Maha Energy will have a call option to acquire 60% shares in Odebrecht E&P España for USD 19.1 million in instalments.

The agreement also includes an option for Maha Energy to acquire the remaining 40% stake in Odebrecht E&P España, which would up the company’s stake in PetroUrdaneta to 40%.

PetroUrdaneta operates three onshore fields in the Maracaibo Basin region in northwestern Venezuela. The company produces 1,000 bopd.

Venezuelan NOC Petróleos de Venezuela or PDVSA holds the remaining 60% stake in the company.

The deal comes days after the USA rolled back oil sanctions on Venezuela.