Venezuela Oil Deals Move Forward as Major Companies Sign Agreements
A group of major oil companies is on track to sign final agreements in Venezuela after months of negotiations. The list includes US-based Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark.
The agreements will allow these firms to expand and operate oilfields, export barrels, and receive cash sale proceeds under an amended hydrocarbon law. This law gives more flexibility to foreign companies.
Chevron is expected to sign significant deals, including the addition of a block in the vast Orinoco Belt to its portfolio. The company aims to expand one of its joint projects with state-run PDVSA and 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.