US oil giant Chevron and Italy’s energy company Eni have signed multibillion-dollar agreements to expand oil operations in Venezuela, as Washington deepens its influence over the country’s energy sector.
The agreements were signed in Caracas in the presence of Venezuela’s interim President Delcy Rodriguez and US Energy Secretary Chris Wright.
Chevron’s $7 billion deal covers the development of two additional oil fields in Venezuela’s Orinoco Belt. The company expects production from the projects to more than double within five years.
Eni has also secured exclusive exploration rights for the giant Junin 5 oilfield, while US-based GE Vernova will assist Venezuela in repairing and upgrading its struggling electricity grid.
The deals come shortly after Caracas and Washington reached a separate agreement giving US-led companies access to 17 Venezuelan oilfields, representing about one-fifth of the country’s oil reserves.
US Energy Secretary Chris Wright rejected accusations that Washington was taking control of Venezuela’s oil, saying the agreements would bring investment, technology and jobs to the country.
Venezuela has the world’s largest proven oil reserves. Wright said production could rise from about 1.25 million barrels per day currently to 2 million barrels per day by the end of the decade, although that would remain below the country’s peak production of more than 3 million barrels per day in the late 1990s.
Rodriguez defended the agreements, arguing that increased US involvement would generate jobs, higher wages and improved public services. She estimated Venezuela could earn about $209 billion in profits from the deals over 25 years.
The agreements represent a major shift from the policies of the late President Hugo Chavez, who nationalised Venezuela’s oil industry as part of his anti-imperialist agenda.
The growing US role has also raised concerns over Venezuela’s sovereignty and its political future. President Donald Trump has rejected calls for immediate elections, while Rodriguez said Venezuela would hold an electoral process when the country is considered ready.
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