Venezuela Energy Deals Set for Completion as Chevron, GE Vernova, ONGC Near Final Agreements

US and international energy companies are making significant progress in finalizing agreements to operate oilfields in Venezuela. Companies such as Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are reportedly close to signing deals that would allow them to tap into the country's vast hydrocarbon resources.

The agreements, which could be finalized as early as this week, aim to give foreign companies more flexibility to operate oilfields, export crude, and receive cash sale proceeds. Chevron is particularly interested in adding a block in the Orinoco Belt to its portfolio, which would enable it to expand one of its joint projects with state-run PDVSA.

The US government's recent announcement of a massive Caracas-Washington pact, allowing the US to lock in a stake in 17 oilfields with 64 billion barrels of proved reserves, is seen as separate from these agreements. Venezuela's oil ministry and state-run energy firm PDVSA have not commented on the matter.

Eni stated that it is working closely with its Venezuelan counterparts and other authorities to support the revitalization of the country's energy sector.