Chevron, ONGC, GE Vernova Near Final Venezuela Energy Deals

September 1, 2026 at 12:30 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Chevron, India's ONGC, GE Vernova, Eni and GeoPark are preparing to sign final energy agreements in Venezuela, bringing new foreign investment into the country's oilfields and power infrastructure. The agreements follow Venezuela's six-month effort to rewrite oil contracts under its amended hydrocarbons law, giving foreign companies more operational flexibility. The deals are separate from the larger U.S.-Venezuela pact announced last week covering stakes in 17 oilfields with about 64 billion barrels of proved reserves.

Key Facts

Chevron's agreements are expected to be of significant size, according to one Reuters source.
ONGC is preparing to invest about $200 million in the San Cristobal field, targeting a tenfold increase in production.
The U.S.-Venezuela pact announced last week covers stakes in 17 oilfields with about 64 billion barrels of proved reserves.
Venezuela has recently signed agreements with SLB and Hunt Oil as Caracas tries to rebuild its oil industry.
ExxonMobil and ConocoPhillips have yet to return to operating oilfields in Venezuela.

Contract Rewrites

Venezuela has spent the past six months rewriting existing oil contracts under its amended hydrocarbons law, giving foreign companies more operational flexibility over fields previously dominated by PDVSA. The new terms allow companies to export their own crude and receive the proceeds directly, a major departure from the state-controlled model that governed the industry for decades. Several of those contracts are now ready for signature, along with separate agreements covering new oil and power projects.

Company Plans

Chevron is seeking an additional block in the Orinoco Belt that would allow one of its joint ventures with PDVSA to expand, as well as an area in northern Monagas that could supply diluents needed for Venezuela's extra-heavy crude. ONGC is preparing to invest about $200 million in the San Cristobal field, where the Indian state producer is targeting a tenfold increase in production. Smaller operators have moved more quickly, with SLB and Hunt among the companies signing agreements in recent months.

U.S. Involvement

The agreements are separate from the much larger U.S.-Venezuela pact announced last week covering stakes in 17 oilfields with about 64 billion barrels of proved reserves, according to Reuters. Washington had previously been negotiating direct ownership in selected Venezuelan fields under an earlier proposal involving roughly 90 billion barrels. Chevron maintained operations in Venezuela through the Maduro years, but ExxonMobil and ConocoPhillips have yet to return to operating oilfields as negotiations over fiscal terms and legal protections continue.