Sources say that Chevron, KEO, ENI, and Primavera will sign energy agreements in Venezuela very soon.

Two sources close to the preparations say that oil?producers Chevron & ENI, as well as investors KEO Capital and Primavera will sign energy 'agreements' in Venezuela by Wednesday.

The majority of these pacts are project expansions which have been in negotiations with Venezuela's Oil Ministry and the state oil company PDVSA in order to migrate dozens of energy contract terms in accordance with a comprehensive?oil-reform approved in January.

Chevron, the U.S. oil giant, plans to invest?more than $7 billion in order to double crude production to approximately?600,000.00 barrels per day in the OPEC nation over the next five-year period. This is part of the company's strategy to expand joint ventures with PDVSA.

?KEO capital said last week in a?release that following approval by its board, one of its U.S. subsidiary had reached an agreement with PDVSA for the Petrourdaneta joint venture oil, making the company the project's owner and including a credit facility of $350-million.

ENI is looking to expand its oil operations in Venezuela by locating a new area within the Orinoco belt, according to separate sources.

Last week, the company said it worked with its Venezuelan counterparts to "support the revitalization of the energy sector in the country." It refused to give?details.

Primavera is a company co-founded by Fred Ehrsam, a billionaire, to invest in Venezuela.

Officials have confirmed that the contracts will be signed by Venezuela's oil Minister,?Paula Henao and the U.S. Secretary of Energy, Chris Wright. Both arrived late Tuesday in Caracas.

(source: Reuters)