Commodities
US and Venezuela Sign Energy Accords to Revive Oil Output
Venezuela's Acting President Delcy Rodríguez and U.S. Energy Secretary Chris Wright signed energy accords on September 2, aimed at boosting oil output through joint hydrocarbon production projects between foreign companies and state-owned PDVSA.
The agreements were finalized with Italy's ENI, Chevron, Asper Energy, General Electric, and Primavera Infinita Companies. Rodríguez described the day as historic for Venezuela, highlighting the scope of international cooperation in reviving the country's energy sector.
According to Acting President Rodríguez, increased oil production will translate into more jobs, higher salaries, public services, hospitals, food, and a better quality of life for Venezuelans. She emphasized that the contracts must be reflected concretely in the lives of every Venezuelan and expressed certainty that the regions set to receive investments would soon see activation.
The accords also include the recovery and modernization of the electric sector through a project signed by Corpoelec, Venezuela's state utility company, and General Electric. This project aims to expand electricity generation and distribution, ensuring that rising oil output does not overburden the power grid.
The agreements were finalized with Italy's ENI, Chevron, Asper Energy, General Electric, and Primavera Infinita Companies. Rodríguez described the day as historic for Venezuela, highlighting the scope of international cooperation in reviving the country's energy sector.
According to Acting President Rodríguez, increased oil production will translate into more jobs, higher salaries, public services, hospitals, food, and a better quality of life for Venezuelans. She emphasized that the contracts must be reflected concretely in the lives of every Venezuelan and expressed certainty that the regions set to receive investments would soon see activation.
The accords also include the recovery and modernization of the electric sector through a project signed by Corpoelec, Venezuela's state utility company, and General Electric. This project aims to expand electricity generation and distribution, ensuring that rising oil output does not overburden the power grid.