en.Wedoany.com Reported - Lionheart Capital is nearing an agreement to acquire a stake in a Venezuelan oil field valued at $400 million, marking one of the first major private investments in the country's oil sector since the easing of U.S. sanctions.

The Miami-based investment firm has signed a non-binding letter of intent with Swedish company Keo Capital AB, which holds a stake in PetroUrdaneta, the announcement was made on Monday.

Under the proposed plan, the two parties will jointly form a new company, held by Keo and Lionheart Capital, and list it on Nasdaq. Keo stated in a statement that negotiations are ongoing, with a target to finalize a definitive agreement by August 17.

According to sources familiar with the matter, if a final agreement is reached, Keo will receive shares in Lionheart Holdings valued at $400 million. Lionheart Holdings is a special purpose acquisition company listed on Nasdaq. The transaction is still subject to due diligence and approval from Venezuelan and U.S. regulatory authorities.

Representatives from Lionheart Capital and Petróleos de Venezuela, S.A. (PDVSA) did not respond to requests for comment.

Shares of the special purpose acquisition vehicle Lionheart Holdings edged up about 0.4% on Monday, closing at $10.83.

This deal comes as Venezuela seeks to revitalize its oil industry with private investment after years of state-led control. Following the capture of former strongman Nicolás Maduro by U.S. forces in January, Washington eased sanctions, and the Caracas government has gradually relaxed restrictions on foreign participation.

PetroUrdaneta is a joint venture operating with state-owned Petróleos de Venezuela SA, currently conducting business under a general license issued by the U.S. Treasury Department. Its four mature light oil fields, historically operated by Shell Plc, currently produce about 1,300 barrels per day. Sources say these fields, like many aging PDVSA-operated assets, are in dire need of substantial investment.

Venezuela, a founding member of OPEC, holds one of the world's largest oil reserves but produces about 1.2 million barrels per day, less than a third of its peak in the 1970s. The country's infrastructure is largely neglected and requires significant capital injection. The Trump administration has urged foreign investors to pour $100 billion into industry reconstruction.

In June, Lionheart Capital revealed it had raised up to $2.25 billion in committed funds for investment in the country's oil sector.