Why are Colombian oil service firms entering Venezuela now, according to Campetrol's Nelson Castaneda?

According to Nelson Castaneda, head of Colombian industry group Campetrol, Colombian oil goods and service companies are moving into Venezuela to complement the Venezuelan oil services sector’s existing capacity, specifically to help restore the electrical and energy infrastructure needed to develop the 65 billion barrels of proven oil reserves agreed upon with the United States.

Which international companies are reportedly close to signing final agreements in Venezuela, as cited in the news?

The news states that U.S. companies Chevron and GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are close to signing final agreements in Venezuela after months of negotiations, according to sources who spoke with Reuters.

Colombian Oil Service Firms Move Into Venezuela Amid Deal Announcements, Trade Group Says

Aug 31, 2026

Colombian oil service firms are entering Venezuela following new exploration contracts and a reported U.S. partnership securing control over 65 billion barrels of reserves. Major energy companies like Chevron and Eni are nearing agreements to restore infrastructure and develop these resources.

reuters

2026-01-06

Chevron Commences Production at Angola Offshore Platform

2026-01-16

US Oil Firms Cautious About Returning to Venezuela

2026-01-27

Turkey and Chevron Advance Oil and Gas Exploration Cooperation

2026-04-26

Chevron CEO Says Venezuela Must Do More for Oil Industry Revival

2026-04-28

Libya Signs Preliminary Agreement with Chevron to Assess Shale Oil and Gas Resources