GE Vernova Leads Historic Energy Deals in Venezuela with Trump Administration
The Trump administration has secured a major breakthrough in its efforts to unlock Venezuela's vast energy resources. GE Vernova, Inc. (GEV) has committed to a multi-billion-dollar project to rebuild and stabilize Venezuela's power grid, part of a sweeping package of energy deals backed by the Trump administration.
Under final pacts signed in Caracas alongside U.S. Energy Secretary Chris Wright and Venezuelan interim President Delcy Rodríguez, GE Vernova will deploy high-impact stabilization efforts targeting a 6-to-12-month stabilization timeline.
The agreements also include Chevron's plans to invest more than $7 billion over the next five years and double oil production to 600,000 barrels per day. Eni has signed a landmark 25-year contract with PDVSA to develop the Junín 5 oil field, which contains approximately 35 billion barrels of certified oil in place.
According to the U.S. Department of Energy, these historic investments will double Venezuela's oil production in less than five years, bringing more abundant and affordable energy to the market and putting downward pressure on global energy prices.