Venezuela Agreements on Track for Major Oil Companies

US and international oil companies are on track to finalize agreements in Venezuela after months of negotiations. Companies such as Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark have been working with Venezuelan counterparts to firm up energy projects.

The agreements would allow foreign firms to expand and operate oilfields, export barrels, and cash sale proceeds. This is due to an amended hydrocarbon law that gives more flexibility to international companies.

Chevron's deals are expected to be significant in size, with the company looking to add a block in the Orinoco Belt to its portfolio. It also aims to negotiate an area in Monagas North for diluents to support extra-heavy oil output.

The agreements do not relate to a massive Caracas-Washington pact announced last week, which secured US interests in 17 oilfields with 64 billion barrels of proved reserves. These fields are expected to produce up to 1.5 million barrels per day, more than doubling Venezuela's current output.