Venezuela signs oil agreements with Chevron and Eni in presence of US energy secretary

Venezuela signed a series of oil agreements with Chevron and Eni in Caracas, with acting President Delcy Rodríguez and US Energy Secretary Chris Wright present.

The Venezuelan government and Chevron signed a document recognizing revised contracts for the Petroboscán, Petropiar and Petroindependencia joint ventures. The companies were created by Venezuela’s state oil firm PDVSA and Chevron. Their contracts will now operate under the terms of Venezuela’s hydrocarbons law, which was amended in January.

The agreement also recognizes changes to the ventures’ business plans under the sector’s new legal and fiscal framework. The parties separately signed an agreement covering payment of a bonus for access to hydrocarbon reserves in areas assigned to Petroindependencia.

PDVSA and Italy’s Eni signed a production-sharing contract for the Junín 5 block in Venezuela’s Orinoco Oil Belt, described as the world’s largest crude reserve. They also signed a transition agreement for the area. Venezuela’s state oil company signed another production-sharing contract with Primavera for the eastern Budare-Elotes block.

Chevron said the new arrangements improve fiscal, commercial and legal conditions for its Venezuelan joint ventures. The company plans to invest more than $7 billion over the next five years and expects its production in Venezuela to double during that period, reaching about 600,000 barrels per day compared with its 2026 output.

The announcement came days after US President Donald Trump said Washington had reached an agreement to develop Venezuela’s oil reserves and give the Pentagon a share of the profits.