Venezuela Attracts Global Oil Giants as Chevron and ONGC Set to Ink Final Pacts

Major oil companies are set to finalize agreements in Venezuela after months of negotiations. US-based Chevron and GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are nearing the signing of final pacts. These agreements will solidify energy projects in the OPEC country.

The deals come on the heels of a massive Caracas-Washington pact announced last week. This agreement involves the US securing a stake in 17 oilfields with approximately 64 billion barrels of proved reserves, roughly one-fifth of Venezuela's total crude reserves. Eni stated it is working with its Venezuelan counterparties and relevant authorities to support the revitalization of the country's energy sector.

While Chevron, GE Vernova, ONGC, and GeoPark did not immediately respond to requests for comment, Eni emphasized its commitment to supporting Venezuela's energy revival efforts. The US-Venezuela pact marks a significant development in the energy landscape, with far-reaching implications for both countries.