Firms including Chevron, ONGC, GE Vernova on track to sign final pacts in Venezuela, sources say
CVX•Company and official responses
Eni said it was 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.
Venezuela's oil ministry and state-run energy firm PDVSA did not reply to a request for comment.
Companies near final agreements in Venezuela
U.S. companies Chevron CVX.N and GE Vernova GEV.N, India's ONGC, Italy's Eni ENI.MI and Colombia's GeoPark GPRK.N are on track to sign final agreements in Venezuela after months of negotiations to firm up energy projects in the OPEC country, five sources close to the preparations said.
Most pacts imply completion of a six-month migration of oil contracts to an amended hydrocarbon law now giving more flexibility to foreign companies to operate oilfields, export the barrels and cash sale proceeds, the sources said. Others set terms for new energy and electricity projects.
The list of companies lining up to sign has not been finalized as executives have rushed to complete negotiations at the last minute, two of the sources said.
Agreements could come this week and are separate from recent Caracas-Washington pact
The agreements, which could be inked as early as this week, are separate from a massive Caracas-Washington pact announced last week for the U.S. to lock in a stake in 17 oilfields with some 64 billion barrels of proved reserves, a fifth of Venezuela's total crude reserves.
