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Energy Giants Set to Sign Deals with Venezuela Amid Ongoing Negotiations
US companies Chevron and GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are close to signing final agreements in Venezuela after months of negotiations.
The pacts will allow foreign firms to expand and operate oilfields, export barrels, and cash sale proceeds with more flexibility under an amended hydrocarbon law.
Chevron is expected to sign 'significant' deals, aiming to add a block in the Orinoco Belt to its portfolio, which would allow one of its joint projects with state-run PDVSA to expand.
GeoPark has progressed in negotiations for the Bare heavy oilfield in the Orinoco, potentially giving access to up to 1 billion barrels of reserves.