Maha Energy AB has appointed Javier Gremes Cordero as chief operating officer, effective immediately. Gremes has served as an exclusive consultant for the company for the last 6 months, engaged in the company’s projects in Venezuela, the company said in a release Dec. 5.
Gremes succeeds Alan Johnson, who leaves Maha in connection with the closing of Maha’s technical office in Calgary, Canada. Functions previously handled by the Canadian office are being transferred to Maha’s office in Rio de Janeiro, Brazil, or Maha’s office that is being incorporated in Venezuela, the company said.
Gremes holds over 35 years of experience within the oil and gas industry. Before joining Maha as a consultant, he was chief executive officer of Pecom Servicios Energía and chief executive officer of TGS (Argentina).
Maha signed the agreement with Novonor Latinvest Energy S.à.r.l granting Maha exclusive rights to acquire 60% of Novonor’s 100% owned Spanish subsidiary Odebrecht E&P España SL r.l, which holds 40% equity interest of PetroUrdaneta, an oil and gas joint venture company operating in Venezuela.
The signing is part of the company’s plan to target mature oil and gas fields with “opportunities for rapid ramp-ups through small interventions of shut-in wells at low investment costs,” said Kjetil Solbraekke, chief executive officer, in the October release.
The deal is subject to conditions, including the Venezuelan Oil Minister’s prior approval. PetroUrdaneta operates three fields in the Maracaibo basin region in northwestern Venezuela. Shareholders include PDVSA (60%) and OE&P (40%).
Venezuela’s PetroUrdaneta field has more than 8 billion bbl of oil in place and adds potentially 170 MMboe to Maha reserves, the company said in its third-quarter 2023 report.