US Energy Giants Close in on Venezuela Deals

US energy companies are nearing final agreements with Venezuela to revamp their operations in the oil-rich country. Chevron and other major players, including GE Vernova, India's Oil and Natural Gas Corporation (ONGC), Italy's Eni, and Colombia's GeoPark, are poised to sign contracts as early as this week.

The deals will grant foreign companies greater flexibility in expanding oilfields, operating, exporting crude, and collecting sales proceeds. Chevron is expected to add new acreage in the Orinoco heavy oil belt to its joint venture with state oil company PDVSA.

GeoPark is in talks to develop the Baré heavy oil field, which could secure up to 1 billion barrels of crude reserves. This comes after President Trump announced that ExxonMobil and Chevron had committed to investing in Venezuela on August 30.