Sources say that firms including Chevron and ONGC are on the verge of signing final pacts with Venezuela.

Five sources said that after a'months-long' process of negotiations, U.S. firms Chevron & GE Vernova as well as India's ONGC and Italy's Eni, Colombia's GeoPark, are 'on track' to sign the final 'agreements' in Venezuela.

Sources said that most pacts include a six-month transition of oil contracts into a revised hydrocarbon law, which now gives foreign companies more flexibility in operating?oilfields and exporting barrels as well as cash sales proceeds. Other pacts set out terms for "new energy and electric projects".

Two sources claim that the list of companies lined up to sign the agreement has not been finalized because executives are rushing to finish negotiations at the last moment.

The agreements, which could be signed as soon as this week are separate from a Caracas-Washington agreement announced last week that the U.S. would secure a stake in 17 fields with 64 billion barrels in proven reserves, or a fifth Venezuela's total oil reserves.

One source said that Chevron's deals with Venezuela will be "significant in size".

Two sources claim that the company is trying to add an area to its portfolio in the Orinoco Belt, which will allow it to expand one of its joint ventures with state-run PDVSA. Chevron also wants to?negotiate? a region in Monagas North, where they could find a major source of diluents to dilute its extra heavy oil.

Eni said it would work with Venezuelan counterparts and other authorities "to support the revitalization" of the energy sector in the country.

Chevron, GE Vernova ONGC, and GeoPark didn't immediately respond to requests for a comment.

Venezuela's Oil Ministry and the state-owned?energy company PDVSA have not responded to a comment request.

(source: Reuters)