US Firms Inking Multibillion-Dollar Deals with Venezuela Amid Sovereignty Concerns

US energy companies have signed multibillion-dollar deals with Venezuela to develop its vast oil reserves. The agreements, worth 'tens of billions' in investment, were inked after Washington gained majority control of 65 billion barrels of Venezuelan oil reserves.

Energy Secretary Chris Wright described the deals as 'critical' for starting a 'ball rolling of peace, opportunity, and prosperity' in Venezuela. He argued that ramping up energy production would be the catalyst for transforming the country.

The agreements were signed with US companies Chevron and GE Vernova, as well as Italy's ENI. According to Rodriguez, Venezuela will make $209 billion in profit from the deals over 25 years.