Chevron and other global energy firms have signed multibillion-dollar deals to enhance Venezuela’s oil production during a ceremony in Caracas, attended by interim President Delcy Rodriguez and US Energy Secretary Chris Wright. These contracts, separate from a recent US-Venezuela agreement granting access to 17 oilfields, aim to expand operations with state oil company PDVSA and leverage a major oil reform initiated earlier this year.
Wright stated the deals are vital for fostering peace and prosperity in Venezuela and emphasized the urgency of progress under President Trump. Chevron’s project in the Orinoco Belt is valued at $7 billion and aims to double oil output within five years, while Eni will explore the Junin 5 oilfield. GE Vernova will overhaul the country’s distressed electricity grid.
Despite criticism regarding Venezuelan sovereignty and allegations of holding the country for ransom, Wright asserted the US’s actions are about revitalizing dormant assets for the benefit of the Venezuelan people. Rodriguez countered claims of surrendering national resources by stressing the potential for job creation and improved public services through foreign investment.
The agreements represent a significant turn for the Venezuelan oil industry, which has been controlled under socialist policies for two decades. Concerns persist about the political implications and whether this consolidates power among Maduro loyalists without moves toward democratic elections, which Rodriguez suggested would happen when the nation is ready.
