Oil Majors Nearing Deals in Venezuela After Months of Negotiations

Oil majors Chevron and ONGC are nearing deals in Venezuela after months of negotiations.

The agreements, which could be inked as early as this week, are separate from a massive Caracas-Washington pact announced last week for the United States to lock in a stake in 17 oilfields with some 64 billion barrels of proved reserves, a fifth of Venezuela's total crude reserves.

Eni said it is working with its Venezuelan counterparties and any other authorities to 'support the revitalization of the country's energy sector.'