Venezuela signs major energy deals with Chevron, Eni during US visit
Chevron said the deals will support more than $7 billion in investment and double its Venezuelan output to about 600,000 barrels per day.
- On Wednesday, Venezuela signed multibillion-dollar oil agreements with Chevron and Eni at Caracas's Miraflores Palace, attended by United States Energy Secretary Chris Wright to oversee the historic signing ceremony.
- These contracts follow a sweeping oil reform approved in January after the United States-led overthrow of former President Nicolas Maduro, designed to revitalize Venezuela's idle petroleum assets and battered infrastructure.
- Chevron will invest $7 billion over five years to double production in the Orinoco Belt. Acting President Delcy Rodriguez defended the partnerships, arguing more oil means "higher wages, better public services, hospitals, schools and food."
- General Electric Vernova signed a separate agreement to strengthen Venezuela's national electric grid. United States Energy Secretary Chris Wright insisted the United States is not "stealing Venezuelan oil," stating the deals bring technology and capital.
- Venezuela aims to reach 2 million barrels per day by decade's end. Acting President Delcy Rodriguez stated an electoral process will occur when "Venezuela is ready," eight months after Maduro's overthrow.
47 Articles
47 Articles
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DECRYPTAGE - On the occasion of the visit to Caracas of the American Minister of Energy, several contracts were signed with companies, including the American group Chevron and Italian Eni.
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Acting President of Venezuela Delcy Rodríguez has led the signing of agreements with the US empire’s secretary of energy, Chris Wright, to promote joint hydrocarbon production projects between companies from several countries and the Venezuelan publicly owned oil company Petróleos de Venezuela (PDVSA), as well as to finalize details around the energy agreement reached by both governments on August 29. Among the companies that signed the energy a…
Chevron Commits $7 Billion to Venezuela to Double Production to 600,000 Barrels a Day
Chevron just placed a multi-billion dollar bet on Venezuelan oil within days of a historic U.S. reserve deal, moving far faster than energy insiders predicted and becoming the first major to put real money behind a country whose oil sector has been closed to Western firms for 15 years.
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