The companies Sheron, GE Vernova, India’s ONGC, Eni Italy, and GeoPark Colombia are, after months of negotiations, on the verge of signing final agreements for energy projects in Venezuela.

A large part of these deals involves transferring existing oil contracts into Venezuela’s updated hydrocarbon framework, which gives foreign companies greater flexibility to develop and operate fields, export crude oil, and receive revenues derived from the sale. Other agreements cover new energy and power projects.

The Sheron agreements are expected to be particularly large. These agreements may be signed as soon as this week and are separate from the broader U.S.-Venezuela agreement announced last week.

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