Venezuela Oil Deal Takes Shape as Major Energy Firms Finalize Pacts
A group of international energy companies, including Chevron, GE Vernova, and ONGC, are on track to sign final agreements in Venezuela after months of negotiations.
The pacts will give foreign firms more flexibility to expand and operate oilfields, export barrels, and cash sale proceeds, according to sources close to the preparations.
Chevron is expected to sign significant size agreements with Venezuela, including a deal to add a block in the Orinoco Belt to its portfolio. The company aims to negotiate an area in Monagas North that could become a key source of diluents for its extra-heavy oil output.
GeoPark has progressed in negotiations for the Bare heavy oilfield in the Orinoco, which could give the company access to up to 1 billion barrels of reserves.