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Chevron and Eni Commit to Boosting Oil Output in Venezuela's Orinoco Belt

Guavy AI Editorial Team Published September 2, 2026

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Oil

U.S. Energy Secretary Chris Wright has announced deals between Chevron and Eni to boost oil production in Venezuela's Orinoco Belt.

The agreements were signed on Wednesday at the Miraflores Palace in Caracas, with Wright meeting with Venezuelan interim President Delcy Rodríguez.

Chevron plans to invest more than $7 billion through 2031, aiming to increase production in the Orinoco Belt to about 600,000 barrels a day.

The Wire

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