Venezuela Energy Deals: Chevron and ONGC Close to Signing Final Agreements

US oil giant Chevron and India's ONGC are among companies on track to sign final agreements in Venezuela after months of negotiations. These deals aim to firm up energy projects in the country, separate from a massive pact announced last week for the US to lock in a stake in 17 oilfields with some 64 billion barrels of proved reserves.

Italy's Eni and Colombia's GeoPark are also reportedly on board. Chevron, GE Vernova, ONGC, and GeoPark did not immediately respond to requests for comment. Eni stated it is working with its Venezuelan counterparties and any other authorities to support the revitalization of the country's energy sector.

These agreements could be inked as early as this week. This comes after the US announced a massive pact last week, where they would lock in a stake in 17 oilfields with some 64 billion barrels of proved reserves, roughly a fifth of Venezuela's total crude reserves.