DistantNews
Support us
Chevron, GE Vernova and Eni Sign Venezuela Energy Expansion Deals
🇬🇷 Greece /Energy & Infrastructure

Chevron, GE Vernova and Eni Sign Venezuela Energy Expansion Deals

From Ta Nea · () Greek

Translated from Greek and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Chevron, Eni and other foreign energy producers signed agreements to expand oil and power projects in Venezuela.
  • Chevron plans to invest more than $7 billion and aims to double its Venezuelan output to about 600,000 barrels per day within five years.
  • U.S. officials describe a broader $100 billion investment plan as capable of doubling Venezuela’s oil production in coming years.

Chevron, Eni and other foreign energy companies have committed to major project expansions in Venezuela, in a signing ceremony overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright in Caracas.

The deals stand apart from a recently presented Caracas-Washington agreement that would give the United States access to 17 oil fields. Most of Wednesday’s agreements concern expansions that Venezuela’s Oil Ministry and state oil company PDVSA had negotiated as the country moved dozens of energy contracts onto new terms under a broad oil reform approved in January.

The signings represent the latest attempt by private companies with long-standing ties to Venezuela to revive an oil industry that has struggled with underinvestment, mismanagement and U.S. sanctions. Venezuela currently produces about 1.25 million barrels per day, well below its late-1990s peak of 3 million barrels per day.

peace and prosperity

— Chris WrightThe U.S. energy secretary described the agreements as guarantees for Venezuela.

Chevron plans to invest more than $7 billion and double its Venezuelan production to about 600,000 barrels per day within five years through expanded joint ventures with PDVSA. Chevron chief executive Mike Wirth made his first visit to the country, while Eni chief executive Claudio Descalzi also attended the ceremony.

GE Vernova separately signed a power-sector cooperation agreement. Rodriguez highlighted the deal as Venezuela faces a large electricity shortfall that has left households without power for hours and disrupted key sectors. Wright said the United States was pursuing what he called “Trump speed,” reflecting Donald Trump’s demand for a rapid transformation in Venezuela.

Trump speed

— Chris WrightWright used the phrase to describe the pace sought for the U.S.-backed transformation in Venezuela.
About this summary

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog