Chevron, ONGC, GE Vernova Near Venezuela Energy Deals as 64 Billion-Barrel Pact Looms
Updated
Updated · Yahoo Finance · Aug 31
Chevron, ONGC, GE Vernova Near Venezuela Energy Deals as 64 Billion-Barrel Pact Looms
3 articles · Updated · Yahoo Finance · Aug 31
Summary
Final agreements could be signed as early as this week by Chevron, GE Vernova, ONGC, Eni and GeoPark after months of talks on Venezuelan oil, gas and power projects, according to five sources.
Most pacts would complete a six-month migration to Venezuela's amended hydrocarbon law, which gives foreign firms more room to expand operations, export crude and receive cash sale proceeds.
Chevron's package is expected to be significant, with talks covering an added Orinoco Belt block and a Monagas North area that could supply diluents for its extra-heavy oil output.
GeoPark has also advanced talks on the Bare heavy oilfield, which could give it access to as much as 1 billion barrels of reserves.
The deals are separate from last week's Caracas-Washington agreement covering 17 oilfields with 64 billion barrels of proved reserves, assets officials say could eventually lift output to 1.5 million bpd from 1.25 million.