Venezuela Oil Deals Nearing Completion as Chevron, GE Vernova, ONGC, Eni, and GeoPark Sign on

US companies Chevron and GE Vernova, along with India's ONGC, Italy's Eni, and Colombia's GeoPark, are on track to sign final agreements in Venezuela.

The energy projects, which have been months in the making, will allow foreign firms to expand and operate oilfields, export barrels, and cash sale proceeds under a new hydrocarbon law.

Chevron is expected to sign agreements of significant size, including adding a block in the Orinoco Belt to its portfolio and negotiating an area in Monagas North for diluents production.

Eni has confirmed it's working with Venezuelan counterparts to support the country's energy sector revitalization. Chevron and other companies involved did not immediately comment on the agreements, which are separate from a recent Caracas-Washington pact.