Chevron and Eni Sign Pacts to Boost Oil Production in Venezuela

US energy companies Chevron and Eni have signed pacts to expand oil production in Venezuela as part of the country's efforts to revive its struggling industry. The agreements were made during a signing ceremony in Caracas, attended by interim President Delcy Rodriguez and US Energy Secretary Chris Wright.

The deals are separate from a recent agreement between Venezuela and Washington that gives the US access to 17 oilfields. Chevron plans to invest over $7 billion to double its output in the country to around 600,000 barrels per day (bpd) over the next five years.

Eni will expand into the large Junin 5 heavy oil area in the Orinoco Belt and invest $1.5 billion. The company's current joint venture with PDVSA will transition into a 25-year production sharing contract.

The US has pledged to invest $100 billion in Venezuela, aiming to double its output in coming years. Wright said they are trying to work at 'Trump-speed', referencing President Donald Trump's desire for rapid transformation in the country.