US oversees signing of ‘billions’ in deals between Venezuela and Chevron, ENI, GE
Summary
The US Energy Secretary Chris Wright helped finalize deals worth tens of billions of dollars between Venezuela and companies Chevron, ENI, and GE Vernova. These deals aim to increase oil production and improve Venezuela’s energy sector, with the US securing a significant role in Venezuela’s oil reserves.Key Facts
- US Energy Secretary Chris Wright traveled to Caracas, Venezuela to sign agreements with Venezuelan Interim President Delcy Rodriguez.
- Chevron, ENI (an Italian company), and GE Vernova signed deals valued at tens of billions of dollars.
- The deals include Chevron developing two oil fields in Venezuela and ENI gaining rights to explore a large oil field called Junin 5.
- GE Vernova will assist in improving Venezuela’s electricity system.
- The US now controls about one-fifth of Venezuela’s oil reserves, totaling 65 billion barrels of oil.
- President Donald Trump announced this deal on August 28, 2026, calling it the largest oil deal in history.
- Chevron expects to more than double its oil output in Venezuela within five years.
- The US sees increased energy production in Venezuela as beneficial for people in both countries and the broader region.
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