Chevron, India's ONGC, and GE Vernova are among the companies preparing to sign final energy agreements in Venezuela, according to a Reuters report on Monday. The deals are expected to bring new foreign investment into the country's oilfields and power infrastructure.
Eni and GeoPark are also mentioned as companies nearing final agreements, as reported by Reuters, citing five sources close to the preparations. This development follows a period of significant changes in Venezuela's energy sector.
Over the past six months, Venezuela has been revising existing oil contracts under its amended hydrocarbons law. This legislative change aims to provide foreign companies with increased operational flexibility.
The new terms of these contracts are designed to grant companies more control over oilfields that were previously largely managed by PDVSA. A key aspect of these revised agreements is the allowance for companies to export their own crude oil.
This shift in policy is anticipated to facilitate greater international participation and investment in Venezuela's energy sector, potentially impacting global oil markets and supply chains.
