Venezuela Energy Deals Near Completion Amid Production Boost

American energy giants Chevron and GE Vernova are nearing completion of key energy agreements in Venezuela.

The deals, which also involve India's ONGC, Italy's Eni, and Colombia's GeoPark, follow a six-month period for the migration of contracts to a modified hydrocarbons legal framework.

This reform aims to provide greater operational flexibility for private multinationals to expand and manage oil fields, as well as directly manage crude oil exports and marketing.

Chevron is seeking to acquire an additional block in the Orinoco Belt to expand its joint projects with PDVSA and secure diluents essential for processing extra-heavy crude.

GeoPark has made progress toward taking over the Bare heavy crude oil field, granting it access to reserves estimated at up to 1 billion barrels.