11:56 - 1.09.2026

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September 1, Fineko/abc.az. U.S. giants Chevron and GE Vernova, India’s ONGC, Italy’s Eni, and Colombia’s GeoPark are on track to sign final agreements in Venezuela following months of negotiations to formalize major energy projects in the OPEC nation, according to five sources close to the matter.

The upcoming pacts aim to revitalize oil production and upgrade power infrastructure across Venezuela. According to sources, the scope of the agreements encompasses joint ventures in crude extraction as well as infrastructure modernization initiatives.

The move marks a significant expansion for international energy companies in Venezuela, coinciding with broader U.S. efforts to facilitate commercial and energy deals with Caracas. Official signing ceremonies between the foreign firms and state-run oil company PDVSA are expected in the coming days.