American companies Chevron and GE Vernova, Indian Ongc, Colombian GeoPark, and Eni are reportedly about to sign final agreements in Venezuela after months of negotiations. Reuters reports this on its website citing four sources. The agreements could be signed this week and are separate from the agreement between Washington and Caracas to secure a share of Venezuelan reserves for the United States.
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On the Stock Market Eni +1.5% after US-Venezuela agreement
Meanwhile on the stock market, crude oil has risen again, supporting oil stocks: today at Piazza Affari Tenaris (+2.5%), Eni (+1.5%), and Saipem shine; in Paris TotalEnergies marks +1.3, while Repsol (+1.2%) leads in Madrid. Oil price quotations have resumed rising following new clashes in the Strait of Hormuz with the US attack on the Iranian island of Larak, which provoked retaliation by Tehran against US targets in Jordan.
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Eni (stock at 23.14 euros) is also rewarded by strengthening its presence in Latin America, in light of the major agreement between the United States and Venezuela on oil exploitation. Over the weekend, in fact, the Six-Legged Dog company reported that it is working with Venezuelan authorities to help revive the country’s energy sector. This also includes possible new developments for the Junin-5 and Corocoro oil projects, following the recent agreement for gas export from the Perla field in the Gulf of Venezuela.
Also last week Eni announced further consolidation in Uruguay’s offshore. Together with Miwen (wholly owned by Ypf) and the Uruguayan national oil company Ancap, the group led by Claudio Descalzi officially signed entry into the Off-5 exploration block, after obtaining approval from Uruguayan authorities. At the same time, Eni recently reached an entry agreement with a 40% stake in the adjacent Off-6 block, operated by Apa Corporation.
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