Chevron and ONGC among US Companies Signing Energy Deals with Venezuela
US and international energy companies are on track to sign final agreements in Venezuela after months of negotiations. Companies such as Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark have been negotiating with the Venezuelan government to firm up energy projects.
The agreements will allow these companies to operate oilfields, export barrels, and cash sale proceeds under an amended hydrocarbon law that gives more flexibility to foreign companies. Chevron is expected to sign agreements of significant size, including adding a block in the Orinoco Belt to its portfolio and negotiating an area in Monagas North.
Italy's Eni stated they are working with their Venezuelan counterparts and any other authorities to support the revitalization of the country's energy sector. Venezuela's oil ministry and state-run energy firm PDVSA did not respond to a request for comment.