Chevron and ENI Sign Agreements with Venezuela to Boost Oil Production

Energy producers Chevron and ENI have signed agreements with Venezuela to expand large oil projects in an effort to boost production, government officials and executives said. The deals are part of a migration of dozens of energy contracts to new terms under a sweeping oil reform approved in January.

The agreements represent the latest attempt by private companies with a longstanding presence in Venezuela to revive its struggling oil industry, which currently produces about 1.25 million barrels per day (bpd), far short of its 3 million bpd peak reached in the late 1990s.

Chevron's Chief Executive Mike Wirth stated that the company is committed not only to these projects but also to building on a century of progress, maintaining a consistent presence in Venezuela even after other oil majors left following the nationalization under former President Hugo Chavez.