Venezuela Oil Rush: Energy Giants Close to Signing Final Agreements
Multiple energy companies are reportedly close to finalizing agreements in Venezuela after months of negotiations.
The firms, including Chevron and GE Vernova from the US, India's ONGC, Italy's Eni, and Colombia's GeoPark, have been working with Venezuelan authorities to firm up energy projects in the country.
According to sources close to the preparations, the agreements could be inked as early as this week, marking a significant development for Venezuela's oil sector.
The deals are separate from a massive Caracas-Washington pact announced last week, which saw the US lock in a stake in 17 oilfields with some 64 billion barrels of proved reserves, a fifth of Venezuela's total crude reserves.
Eni has confirmed that it is working with its Venezuelan counterparties and any other authorities to support the revitalization of the country's energy sector.