{
  "id": 4757343,
  "title": "Firms including Chevron, ONGC, GE Vernova on track to sign final pacts in Venezuela, sources say",
  "url": "https://urgent.news/2026/09/01/firms-including-chevron-ongc-ge-vernova-on-track-to-sign-final-pacts",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-01T00:55:01.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/commodities-news/firms-including-chevron-ongc-ge-vernova-on-track-to-sign-final-pacts-in-venezuela-sources-say-4883383"
  },
  "original_language": "en",
  "account": "U.S. energy firms Chevron and GE Vernova, along with India's ONGC, Italy's Eni, and Colombia's GeoPark, are on track to finalize agreements in Venezuela after prolonged negotiations, according to multiple sources. The majority of these contracts revolve around the implementation of a six-month migration of oil contracts to an amended hydrocarbon law, which grants foreign firms greater flexibility in expanding, operating, and exporting oilfields, as well as cash sales, the sources revealed. Some of these deals also outline terms for new energy and electricity projects. The list of companies vying to sign has not been fully confirmed, as executives are rushing to finalize negotiations in the final stages, reported two of the sources. Chevron's deals with Venezuela are anticipated to be substantial, according to one source, as the company seeks to incorporate a block in the extensive Orinoco Belt into its portfolio, enabling its joint project with state-run PDVSA to expand. Additionally, Chevron aims to negotiate an area in Monagas North, potentially becoming a vital source of diluents for its heavy oil production. On Monday, U.S. President Donald Trump claimed that major U.S. energy companies like Exxon Mobil and Chevron are committed to investing in Venezuela, although he did not offer further details. A separate source indicated that GeoPark has made significant progress in negotiations for the Bare heavy oilfield in the Orinoco region, which could grant the company access to up to 1 billion barrels of reserves. Eni, co-sharing the substantial Perla offshore gas project with Repsol and having a partnership with PDVSA for the Corocoro oilfield, stated that it is collaborating with its Venezuelan counterparts and other authorities to support the revitalization of the country's energy sector. Chevron, GE Vernova, ONGC, GeoPark, Venezuela's oil ministry, and state-run energy firm PDVSA did not immediately respond to requests for comment. The agreements, expected to be signed as early as this week, are distinct from the recent Caracas-Washington pact, which saw the U.S. commit to a stake in 17 oilfields with approximately 64 billion barrels of proven reserves, constituting a fifth of Venezuela's total crude reserves. The 17 fields, situated in the vast Orinoco Belt and Lake Maracaibo, are projected to generate up to 1.5 million barrels per day (bpd) of crude in the long term, potentially doubling Venezuela's current output of 1.25 million bpd, authorities have stated. When questioned about when the Venezuela oil deal would lead to increased oil production, U.S. Vice President JD Vance mentioned that there has already been a significant increase in oil production from Venezuela. \"They’re (oil prices) sort of much more stable in part because what we see coming out of Venezuela,\" he told reporters.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "OilPrice",
        "title": "Chevron, ONGC and GE Vernova Near Final Venezuela Energy Deals",
        "url": "https://urgent.news/2026/08/31/chevron-ongc-and-ge-vernova-near-final-venezuela-energy-deals",
        "published": "2026-08-31T19:30:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}