Venezuela signs energy deals with multinationals under U.S. supervision

Venezuela has signed energy agreements with three multinational companies under the supervision of U.S. Energy Secretary Chris Wright, giving a strikingly prominent role to Washington in the country’s oil and electricity sectors.

The agreements, signed in Caracas on Wednesday, cover expanded operations by Chevron and Eni and a deal with GE Vernova aimed at restoring Venezuela’s electricity industry. The arrangements come as the United States pushes to restart exploitation of Venezuela’s oil and gas resources.

The move follows the capture of President Nicolás Maduro by the U.S. military nine months ago. Donald Trump has since sought to relaunch Venezuela’s energy production under his own patronage. Wright’s visit to Caracas came after the announcement of a bilateral agreement that could allow Washington to control about one-fifth of Venezuela’s reserves.

The energy deals have unfolded alongside continued political uncertainty. Trump said Venezuela was “not yet ready” for elections, setting a limit on expectations for a return to electoral politics even as the two sides deepen cooperation over the country’s resources.

Chevron, Eni and GE Vernova now feature in an arrangement that links the expansion of oil production with efforts to repair the power network. The agreements also reflect the broader U.S. role in directing Venezuela’s post-Maduro energy policy.

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