Chevron and ONGC Finalize Energy Deals in Venezuela

Several global energy firms, including Chevron Corp., India's Oil and Natural Gas Corporation (ONGC), GE Vernova, Eni, and GeoPark, are finalizing agreements to invest in Venezuelan oilfields and power infrastructure. These deals follow a six-month period during which the Government of Venezuela amended its hydrocarbons law to grant foreign companies greater operational flexibility and the right to export crude and receive proceeds directly.

Chevron is pursuing a block in the Orinoco Belt and an area in northern Monagas for diluents. Meanwhile, ONGC plans to invest approximately $200 million in the San Cristobal field with the goal of increasing production tenfold. These specific agreements are separate from a larger U.S.-Venezuela pact involving 17 oilfields containing 64 billion barrels of reserves.

While SLB and Hunt Oil have already signed agreements, other U.S. majors remain on the sidelines. ExxonMobil and ConocoPhillips have not yet returned to operations as they continue to negotiate fiscal terms and legal protections.