Energy Giants Close to Signing Pacts in Venezuela Amid Renewed US Investment

Top energy companies are nearing final agreements to invest in Venezuela's oil sector after months of negotiations. Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are on track to sign pacts, according to sources close to the preparations.

The agreements could be inked as early as this week and are separate from a recent deal between Venezuela and the US that gives the latter a stake in 17 oilfields with 64 billion barrels of proved reserves. This represents about one-fifth of Venezuela's total crude reserves.

Eni said it is working to support the revitalization of Venezuela's energy sector, but Chevron, GE Vernova, ONGC, and GeoPark did not respond to requests for comment.