- Oil producers Chevron and ENI and investors KEO Capital and Primavera are among the companies set to sign energy agreements in Venezuela as soon as Wednesday, according to two sources close to the preparations.
- Venezuela's oil minister Paula Henao and U.S. Secretary of Energy Chris Wright, who arrived in Caracas late on Tuesday, are expected to oversee the signing of the contracts.
- Most pacts imply project expansions that have been in negotiation with Venezuela's oil ministry and state oil company PDVSA as part of the migration of dozens of energy contracts to new terms under a sweeping oil reform approved in January.
- KEO Capital said one of its U.S. subsidiaries had reached an agreement for the Petrourdaneta oil joint venture with PDVSA, following board approval, turning the company into the project's operator and including a $350-million credit facility.
- Chevron plans to invest more than $7 billion to more than double crude production in the OPEC country to about 600,000 barrels per day over the next five years, part of its strategy of expanding joint ventures with PDVSA.
- ENI, which shares an offshore gas project with Repsol and a shallow water oil project with PDVSA, is seeking to expand oil operations in Venezuela through a new area in the Orinoco Belt.
- ENI told Reuters it was working with its Venezuelan counterparties to "support the revitalization of the country's energy sector."
Chevron plans to invest more than $7 billion to more than double crude production in Venezuela to about 600,000 barrels per day over the next five years, as part of its strategy to expand joint ventures with PDVSA.13456
Most agreements involve project expansions negotiated with Venezuela's oil ministry and state oil company PDVSA, following a sweeping oil reform approved in January.
KEO Capital recently announced an agreement for the Petrourdaneta oil joint venture with PDVSA, which includes a $350-million credit facility.
ENI is also looking to expand its oil operations in Venezuela, particularly in a new area of the Orinoco Belt.
The revitalization of Venezuela's energy sector is a key focus, with U.S. Secretary of Energy Chris Wright and Venezuela's oil minister Paula Henao overseeing the signing of these contracts.2
The agreements signify a significant shift in Venezuela's energy landscape, aiming to attract foreign investment and enhance production capabilities.
“Chevron plans to invest over $7 billion to more than double crude output to about 600,000 barrels per day over five years. KEO Capital's Petrourdaneta joint venture with PDVSA includes a $350-million credit facility, and ENI seeks expansion in the Orinoco Belt.”
