Firms including Chevron, ONGC, GE Vernova on track to sign final pacts in Venezuela, sources say

HOUSTON/CARACAS, Aug 31 (Reuters) - U.S. companies Chevron and GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark are on track to sign final agreements in Venezuela after months of negotiations to ‌firm up energy projects in the OPEC country, five sources close to the preparations said.

Most of the pacts ‌imply completion of a six-month migration of oil contracts to an amended hydrocarbon law now giving more flexibility to foreign firms to expand and operate oilfields, ​export the barrels and cash sale proceeds, the sources said. Others set terms for new energy and electricity projects.

The list of companies lining up to sign has not been finalized as executives are rushing to complete negotiations at the last minute, two of the sources said.

Chevron's agreements with Venezuela are expected to be "of significant size," according to one of the sources.

The company is trying to add ‌a block in the vast Orinoco Belt to ⁠its portfolio, which would allow one of its joint projects with state-run PDVSA to expand, two sources said, and Chevron also aims to negotiate an area in Monagas North that could become a ⁠key source of diluents for its extra-heavy oil output.

On Monday, U.S. President Donald Trump told reporters that U.S. energy majors Exxon Mobil and Chevron were among companies committed to invest in Venezuela. He did not elaborate.

A separate source said GeoPark has progressed in negotiations for the ​Bare ​heavy oilfield also in the Orinoco, which could give the company access ​to up to 1 billion barrels of reserves.

Eni, ‌which shares the large Perla offshore gas project with Repsol and has a partnership with PDVSA for the Corocoro oilfield, said it was working with its Venezuelan counterparties and any other authorities to "support the revitalization of the country's energy sector."