DistantNews
Support us
U.S. hails Venezuela oil deals as a ‘historic day’
🇵🇾 Paraguay /Energy & Infrastructure

U.S. hails Venezuela oil deals as a ‘historic day’

From ABC Color · () Spanish

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

At a glance

Newswire From a news agency New plan
  • Venezuela signed oil agreements with Chevron and Italy’s Eni, while GE Vernova signed agreements involving PDVSA and Corpoelec.
  • U.S. Energy Secretary Chris Wright described the deals as part of President Donald Trump’s effort to bring peace, freedom, opportunity and prosperity to Venezuela.
  • Chevron said it plans to invest more than $7 billion in Venezuela over five years and double production to about 600,000 barrels per day.

“Today is a historic day,” U.S. Energy Secretary Chris Wright said as companies signed oil and electricity agreements with Venezuela in Caracas.

Chevron and Italy’s Eni signed oil agreements with the Venezuelan government in the presence of interim President Delcy Rodríguez and Wright. GE Vernova signed a strategic alliance with state oil company PDVSA to help recover electrical infrastructure serving the petroleum industry. It also signed an agreement with state power company Corpoelec covering projects to strengthen Venezuela’s national electricity system.

Today is a historic day in the transformation of Venezuela and the expansion of possibilities for the Venezuelan people.

— Chris WrightThe U.S. energy secretary described the agreements signed in Caracas.

Wright said the Trump administration wanted to move as quickly as possible. “We are trying to move at the speed of light,” he said, adding that President Donald Trump did not want a slow process but the fastest possible transformation of Venezuela.

The mission of President Trump in Venezuela is direct and simple: to bring peace, freedom, opportunity and prosperity to the Venezuelan people.

— Chris WrightWright framed the Trump administration’s stated goals for Venezuela.

He described energy as the catalyst for transforming Venezuela and improving living conditions for Americans around the world. “If we can replace the conflicts of the past with the trade of the present and the future, we can build a better world,” Wright said. He also said the United States wanted to pursue this across the Americas, calling the region “our neighborhood.”

Chevron said it would expand its Venezuelan operations and invest $7 billion over the next five years. The company said agreements with Venezuela improved the fiscal, commercial and legal terms for its joint ventures and would support that investment. Production from those ventures is expected to double over the same period to about 600,000 barrels per day, compared with 2026 levels.

We are trying to move at the speed of light.

— Chris WrightWright emphasized the administration’s desire to advance the process quickly.

The announcements came days after Trump said the United States and Venezuela had reached a historic agreement to develop Venezuela’s oil reserves and give the Pentagon a share of the resulting profits.

If we can replace the conflicts of the past with the trade of the present and the future, we can build a better world.

— Chris WrightWright linked energy agreements and expanded trade to his vision for the region.
About this summary

Originally published by ABC Color in Spanish. 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