Swedish Firm Maha Capital Seeks US Approval for Venezuelan Oil Investment
Swedish platform Maha Capital seeks U.S. approval for oil investments in Venezuela. This follows the capture of Nicolas Maduro and new support from Washington.
Insights:
The Swedish 
SEinvestment platform Maha Capital has formally applied for approval from the United States 
USto acquire an indirect minority stake in PetroUrdaneta, a Venezuelan 
VEoil firm controlled by PDVSA. This move follows the capture of Nicolas Maduro nicolas maduroin early January 2026 and subsequent statements from Donald Trump donald trumpencouraging foreign investment in the Venezuelanoil industry. The proposal involves acquiring a stake through a subsidiary of Novonor, which currently owns 40% of PetroUrdaneta, while the state-run PDVSA maintains the remaining 60%.
SEinvestment platform Maha Capital has formally applied for approval from the United States USto acquire an indirect minority stake in PetroUrdaneta, a Venezuelan VEoil firm controlled by PDVSA. This move follows the capture of Nicolas Maduro nicolas maduroin early January 2026 and subsequent statements from Donald Trump donald trumpencouraging foreign investment in the Venezuelanoil industry. The proposal involves acquiring a stake through a subsidiary of Novonor, which currently owns 40% of PetroUrdaneta, while the state-run PDVSA maintains the remaining 60%.Under the proposed agreement, Maha Capital, which is controlled by the Brazilian 
BRfund manager Starboard, would have an option to acquire majority control of the firm by May 2026. The investment target, PetroUrdaneta, manages onshore fields in the Maracaibo Basin within Zulia state. While these fields contain approximately 400 million barrels of recoverable oil, they have suffered from decades of low investment. Historical data shows that wells in the area produced up to 250,000 barrels of oil per day during the 1950s, but production plummeted to approximately 1,500 barrels per day by 2020.
BRfund manager Starboard, would have an option to acquire majority control of the firm by May 2026. The investment target, PetroUrdaneta, manages onshore fields in the Maracaibo Basin within Zulia state. While these fields contain approximately 400 million barrels of recoverable oil, they have suffered from decades of low investment. Historical data shows that wells in the area produced up to 250,000 barrels of oil per day during the 1950s, but production plummeted to approximately 1,500 barrels per day by 2020.
