Chevron, Eni Lead Pack in Venezuela Energy Deals After Sector Reforms

A series of energy agreements are in the works between Chevron, Eni, KEO Capital, and Primavera and Venezuela's government. The deals follow a reform of the organic hydrocarbons law that eases conditions for private and foreign participation.

Chevron has extended its Venezuelan operations, citing the country's geological potential. The company will invest $7 billion in the oil sector and increase production significantly. Chevron remains the only major American oil company still present in Venezuela through joint ventures with PDVSA.

KEO Capital, a Swedish company listed on the Stockholm Stock Exchange, has concluded an administration agreement with PDVSA covering the PetroUrdaneta joint venture. The deal grants KEO Capital the role of operator and includes a financing mechanism for the field's work program.

Eni SpA holds a diversified portfolio in Venezuela and is working with its Venezuelan counterparts on the sector's relaunch. However, it has not publicly detailed next steps due to a financial dispute over gas sales.