Venezuela Expands Energy Partnerships with Chevron and Eni
Date: 03 September 2026
Authors: Laura Gamba Fadul, Mariam Ashalem De Andres
Venezuela has entered into significant energy investment agreements with Chevron and Eni following a visit from US Energy Secretary Chris Wright to Caracas. These agreements, namely aimed at bolstering oil production and attracting foreign investment to Venezuela’s oil sector, come shortly after Washington’s announcement of a historic energy accord with Caracas.
Key Highlights:
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Chevron’s Investment:
Chevron is set to invest over $7 billion in its Venezuelan joint ventures with state-owned Petroleos de Venezuela (PDVSA) over the next five years. This investment aims to boost output to around 600,000 barrels per day. The company will also receive additional acreage in the resource-rich Orinoco Belt.- CEO Mike Wirth remarked on Chevron’s long-standing history in Venezuela, emphasizing confidence in the country’s resource potential and the investment’s long-term value.
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Eni’s Strategic Contract:
Eni has finalized a 25-year strategic contract becoming the exclusive operator of the Junin 5 heavy oil field in the Orinoco Belt. This move marks a shift away from a joint venture model with PDVSA, with Eni expected to increase production to 400,000 barrels per day by the end of the decade, supported by an annual investment of $1.5 billion. -
Importance of Eni’s Operations:
Beyond heavy crude, Eni is vital for Venezuela’s domestic energy system, particularly through its Cardon IV venture, which operates the Perla field, the largest gas discovery in Latin America, contributing significantly to national gas consumption. -
Strategic Alliances for Infrastructure:
PDVSA signed a strategic alliance with GE Vernova to rehabilitate electric infrastructure critical to the petroleum industry, which was further supported by a separate agreement with the National Electric Corporation (Corpoelec) to strengthen the national electricity system.
Context:
These agreements are positioned as a crucial step for Venezuela to recover an energy sector undermined by years of underinvestment, operational challenges, and US sanctions. They align with previous plans initiated during President Trump’s administration to unlock Venezuela’s substantial crude reserves, estimated at over 303 billion barrels, the largest globally.
Wright highlighted the aim of these agreements to foster peace, opportunity, and prosperity for both Venezuelans and Americans.
