Oil: Chevron, Eni and other major companies are close to signing agreements in Venezuela
The agreements could be signed this week and are distinct from the recent agreement between Washington and Caracas to secure a share of Venezuela’s reserves for the United States.
The US companies Chevron and GE Vernova, the Indian firm ONGC, the Colombian firm GeoPark and Eni are reportedly on the verge of signing final agreements in Venezuela following months of negotiations. Reuters reports this on its website, citing four sources. The agreements could be signed this week and are separate from the deal between Washington and Caracas to secure a share of Venezuela’s reserves for the United States.
Eni shares up 1.5% on the stock market following the US-Venezuela agreement
Meanwhile, on the stock market, crude oil prices have risen again, bolstering oil stocks: today on the Milan Stock Exchange, Tenaris (+2.5 per cent), Eni (+1.5 per cent) and Saipem are performing well; in Paris, TotalEnergies is up 1.3 per cent, whilst Repsol (+1.2 per cent) is leading the way in Madrid. Oil prices have resumed their upward trend in the wake of renewed clashes in the Strait of Hormuz, following the US attack on the Iranian island of Larak, which prompted a retaliatory strike by Tehran against US targets in Jordan.
Eni (share price at 23.14 euros) is also benefiting from the strengthening of its presence in Latin America, in light of major agreement between the United States and Venezuela on oil exploitation. Over the weekend, in fact, the company with the six-legged dog logo reported that it is working with the Venezuelan authorities to help revitalise the country’s energy sector. This also includes possible new developments for the Junín-5 and Corocoro oil projects, following the recent agreement on gas exports from the Perla field in the Gulf of Venezuela.
Also last week, Eni announced a further expansion of its offshore operations in Uruguay. Together with Miwen (a wholly-owned subsidiary of YPF) and the Uruguayan national oil company Ancap, the group led by Claudio Descalzi has signed an agreement to officially join the Off-5 exploration block, having obtained approval from the Uruguayan authorities. At the same time, Eni has recently reached an agreement to take a 40 per cent stake in the adjacent Off-6 block, operated by Apa Corporation.
