Maurel & Prom announced on 12 October 2018 that it has signed with Shell a Share Sale and Purchase Agreement for 40% in the Urdaneta West field in Lake Maracaibo, Maracaibo Basin for â¬ 70 million (USD 81 million). PDVSA holds 60% in the Petroregional del Lago SA Joint Venture, and Shell the remaining 40%. According to Maurel & Prom, final approval is pending, as it required government approval, and finalization of negotiations with PDVSA.    On 29 January 2008, PDVSA and Shell Oil signed a memorandum of understanding (MOU) to set up a mixed company to develop the Urdaneta Lago area, located to the north of Urdaneta Oeste field, in the Zulia state. Petroregional del Lago S.A. is the operator. The agreement contemplates the constitution of a multidisciplinary team to increase production and to establish a development plan. This new business agreement would be subject to the new Hydrocarbon Laws for oil and gas, and all projects must address the key issues of local content and sustainable development.   Background Information  At the end of March 2003, the Minister of Energy and Mines, Rafael Ramirez, announced that the Ministry is considering the development of Cretaceous carbonate reservoirs in parts of Lake Maracaibo, in the Maracaibo Basin, that are believed to be "under-exploited". Ramirez stated that this work would not only be carried out by PDVSA, but would also be offered to trans-national oil companies.
Maurel & Prom has signed with Shell a SSPA for 40% in the Urdaneta West field in Lake Maracaibo, for US$81 MM. PDVSA holds 60% in the Petroregional del Lago SA Joint Venture, and Shell the remaining 40%.