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Chevron, ONGC, and GE Vernova eye final energy deals in Venezuela

The deals come as Venezuela rewrites contracts under its amended hydrocarbons law, allowing foreign firms to export their own crude and receive proceeds directly.

Reported · Written up by our desk · Energy

Chevron, India’s ONGC, GE Vernova, Eni, and GeoPark are preparing to sign final energy agreements in Venezuela, a step Reuters said could bring fresh foreign investment into the country’s oilfields and power infrastructure.

Venezuela has spent the past six months rewriting existing oil contracts under its amended hydrocarbons law, shifting terms away from PDVSA control. The updated framework gives foreign companies more operational flexibility, including the ability to export their own crude and receive proceeds directly.

Several contracts are now ready for signature, along with separate agreements covering new oil and power projects. Reuters said Chevron’s expected deals are of significant size, with the company seeking an additional Orinoco Belt block to expand a joint venture with PDVSA and an area in northern Monagas that could supply diluents for extra-heavy crude.

ONGC is preparing to invest about $200 million in the San Cristobal field, where it targets a tenfold production increase. Venezuela has also signed agreements with SLB and Hunt Oil as Caracas works to rebuild an industry that still requires substantial foreign capital after years of underinvestment.

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