Venezuela Energy Deals Near Completion with US Companies Leading the Way
US and international energy companies are nearing final agreements in Venezuela after months of negotiations. Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark have made significant progress on new energy projects.
The deals will allow the companies to expand and operate oilfields, export barrels, and receive cash sale proceeds under an amended hydrocarbon law in Venezuela. Chevron is expected to sign agreements of 'significant size' and aims to add a block in the Orinoco Belt to its portfolio, as well as negotiate an area in Monagas North for diluents.
GeoPark has made progress in negotiations for the Bare heavy oilfield, which could give the company access to up to 1 billion barrels of reserves. Eni is working with its Venezuelan counterparties and authorities to support the revitalization of Venezuela's energy sector.