Chevron, ONGC and GE Vernova move toward final energy deals in Venezuela

Several major energy companies are close to signing definitive agreements in Venezuela after six months of negotiations, but the final list of participants remains unsettled.

Chevron, GE Vernova, ONGC, ENI and GeoPark are negotiating projects that could be formalized as early as this week. Two sources said executives were still accelerating last-minute talks, leaving uncertainty over which companies will ultimately sign.

Much of the planned package would shift existing oil contracts into Venezuela’s amended Hydrocarbons Law. The new framework gives foreign companies greater flexibility to manage oil fields, export barrels and receive revenue from sales. Other agreements would establish terms for new electricity and energy projects.

The negotiations are separate from an agreement announced the previous week between the administration of Donald Trump and the interim government of Delcy Rodríguez. That arrangement seeks U.S. participation in 17 fields holding about 64 billion barrels of proven reserves, or one-fifth of Venezuela’s total crude reserves.

Chevron is seeking to add a block in the Orinoco Belt to its portfolio and expand one of its joint projects with state oil company Pdvsa, according to two sources. The U.S. producer is also negotiating for an area in northern Monagas that could provide diluents needed to produce its extra-heavy crude. ENI said it was working with Venezuelan counterparts and other authorities to support the sector’s revival. The companies named and the Venezuelan government did not respond to Reuters’ requests for comment.

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support the revitalization of the country's energy sector