US Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodriguez met in Caracas on Wednesday to finalize a series of landmark energy deals worth tens of billions of dollars. Under the agreement, the US government will create and control a private company that holds 65 billion barrels of proven oil reserves, equivalent to one-fifth of the nation's reserves. The deals, which include commitments from GE Vernova and Italy's Eni, are part of a broader US push to increase oil production and revive Venezuela's struggling industry.
Chevron Corp., the largest foreign oil operator and the only US oil firm with a major presence in Venezuela, announced plans to invest $7 billion over the next five years through joint venture partnerships. This investment is intended to more than double its oil production to approximately 600,000 barrels per day. As part of the expansion, Chevron has received additional land in the Orinoco Belt region.
These agreements follow the approval of the Venezuelan parliament and the toppling of President Nicolas Maduro in January. President Donald Trump announced the plan to develop the reserves and give the Pentagon a stake in the profits. The initiative aims to cement Washington's grip on the government it helped install and encourage further investment from other US energy firms despite ongoing political and economic uncertainty.