Oil producers Chevron and ENI and investors KEO Capital and Primavera are among the companies set to sign energy agreements in Venezuela, two sources close to the preparations said.
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.
US oil major 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, it said yesterday in a release.
Last week, KEO Capital said in a release that one of its US subsidiaries had reached an agreement for the Petrourdaneta oil joint venture with PDVSA, following the approval of its board, turning the company into the project’s operator and including a $350-million credit facility.
&uuid=(email))