Oil giants circle Venezuela as Chevron, ONGC, GE Vernova on track to sign final pacts

HOUSTON/CARACAS: U.S. Chevron and GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark are on track to sign final agreements in Venezuela after months ‌of ⁠negotiations ⁠to firm up energy projects in the OPEC country, four sources close to the preparations said.

The agreements, which could be inked as early ​as this week, are ⁠separate from ‌a massive Caracas-Washington ​pact ​announced last week for ⁠the United states to lock in ​a stake in 17 oilfields ​with some 64 billion barrels of proved reserves, a fifth of Venezuela's total crude reserves.

Eni said is working ‌with its Venezuelan counterparties and any other authorities to "support ​the ​revitalization of ⁠the country's energy sector." Chevron, GE Vernova, ONGC and GeoPark did not immediately ​reply to requests for comment.