Maha Energy today announces that another important step in the acquisition of indirect equity interest in the Venezuelan oil company PetroUrdaneta from Novonor Latinvest Energy has been achieved, with the approval by the Venezuelan Oil Minister of the proposed Change of Control of PetroUrdaneta’s Partner B (i.e., ODB Spain).

The consummation of the Transaction remains subject to certain milestones, including the successful negotiation of the relevant operational and collaboration agreements for the redevelopment of PetroUrdaneta’s fields.

"I am very pleased to have reached this important step in our process to start producing the vast resources of oil at the PetroUrdaneta fields. We remain very optimistic over our entry in Venezuela and continue our dialogue with the relevant stakeholders in order to address the remaining approvals and close the Transaction,” says Kjetil Solbraekke, CEO of Maha Energy.

Maha continues to closely monitor the political development in Venezuela, as well as liaising with the relevant stakeholders with diligence and transparency for the purposes of starting its activities in PetroUrdaneta, including by means of any applicable alignments and/ or license from relevant authorities.

KeyFacts Energy: Acquisitions & Mergers news