Firms including Chevron, ONGC, GE Vernova on track to sign final pacts in Venezuela, sources say

​U.S. companies 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, 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. 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.

Chevron's agreements with Venezuela are expected to be "of significant size," ​one of the sources said. The company is trying to add a block in the ⁠vast Orinoco Belt to its portfolio, which would allow one of its joint projects with state-run PDVSA to expand, two sources ⁠said, ​and Chevron also aims to negotiate an area in Monagas North that could become a key source of diluents for its extra heavy oil output.

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.