Chevron and several other foreign companies are poised to sign final agreements with Venezuela on energy operations, as months of negotiations reach their final stages, with signatures possible as early as this week. The companies include Chevron, GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark. Most of the agreements involve migrating existing oil contracts into the framework of Venezuela's revised Hydrocarbons Law, which was amended earlier this year. The new law grants foreign companies greater flexibility than before in expanding oilfields, operating, exporting crude, and collecting sales proceeds—a regulatory overhaul that signals the country's pivot toward attracting foreign investment. Some contracts cover new energy and power construction projects. Chevron's negotiations include adding new acreage in the Orinoco heavy oil belt to expand its joint venture with PDVSA and seeking oilfield interests in the North Monagas region for diluents needed for extra-heavy crude. GeoPark is in talks to develop the Baré heavy oil field, which could secure up to 1 billion barrels of crude reserves. President Trump said on August 30 that ExxonMobil and Chevron were among the companies that had committed to investing in Venezuela, though he did not provide specifics. These company-level contracts are separate from the large-scale oil agreement announced last week between the United States and Venezuela covering 17 oilfields with approximately 64 billion barrels of proven reserves and long-term production increases of 1.5 million barrels per day. Vice President Vance has indicated that Venezuelan crude production is already increasing notably and contributing to stability in international oil prices. Market observers note that if Venezuela's production recovery gains momentum, it could affect OPEC+ supply policy and global crude market conditions, but the country's aging infrastructure and political risks lead some to remain cautious about the actual pace of production expansion.