Venezuela Energy Deals on Brink of Completion This Week
Leading global energy companies are on the verge of signing key agreements for projects in Venezuela. US giants Chevron and GE Vernova, India's Oil and Natural Gas Corporation (ONGC), Italy's Eni, and Colombia's GeoPark are among those involved.
The deals could be finalized this week after months of negotiations aimed at reviving the OPEC nation's energy sector. The agreements mark the end of a six-month transition of oil contracts under a revised hydrocarbon law, which provides foreign companies more freedom to expand their operations.
Chevron's pacts are expected to be 'of significant size', with the company looking to add a block in the massive Orinoco Belt to its portfolio. GeoPark has advanced in talks for the Bare heavy oilfield, which could give the company access to up to one billion barrels of reserves.
The US is also set to secure a stake in 17 oilfields with some 64 billion barrels of proved reserves, expected to produce up to 1.5 million barrels per day (bpd) of crude.