US’s Chevron, Italy’s Eni to expand oil projects in Venezuela

US energy firms Chevron, GE Vernova, and ENI signed multibillion-dollar deals with Venezuela, granting them greater stakes in oil fields. Chevron's deal is valued at $7B, with Venezuela expecting $209B in profit over 25 years. The deals aim to boost oil production to 2M barrels/day by 2030, doubling January's output. Critics question Venezuela's sovereignty and the role of a businessman linked to corruption.

U.S. Energy Secretary Chris Wright met with Venezuelan interim President Delcy Rodríguez to oversee deals with Chevron and Eni to increase oil output in Venezuela's Orinoco Belt. Chevron plans to invest $7 billion by 2031, aiming for 600,000 barrels per day. Eni secured a 25-year contract for the Junin 5 oil field. GE Vernova also signed a deal to improve Venezuela's electrical infrastructure. The Pentagon and North American Blue Energy Partners (NABEP) announced a deal involving 17 oilfields.

Chevron and Eni have signed agreements to expand oil production in Venezuela, with Chevron investing $7 billion over five years. The U.S. Department of Energy expects Venezuela's oil production to more than double in less than five years. The deals aim to boost energy production and potentially lower gas prices in the U.S.

Venezuela's acting president Delcy Rodriguez signed energy deals with Eni (Italy) and Chevron (U.S.). Chevron plans to invest $7B over 5 years, aiming to double production to 600K barrels/day by 2026. Eni's CEO called the deal a milestone. State-owned Petroleos de Venezuela S.A. was involved. U.S. Energy Secretary Chris Wright attended the ceremony.

Chevron, the second-largest U.S. oil company, confirmed plans to expand operations in Venezuela, investing over $7 billion to increase production to 600,000 barrels per day. The move follows a U.S. deal to develop Venezuela's oil reserves, though experts express skepticism about the timeline and legitimacy of the agreement. Venezuela holds the world's largest proven oil reserves but faces infrastructure challenges and sanctions.

Chevron plans to invest $7 billion in Venezuela over five years to double oil production to 600,000 barrels per day, gaining new drilling rights in the Orinoco Belt. The company aims to keep production costs under $20 per barrel, citing competitive advantages. This follows a separate U.S.-Venezuela deal involving North American Blue Energy Partners. Chevron's expansion is part of a broader effort to increase Venezuelan oil output, with the country's production currently between 1.1 and 1.25 mill