Venezuela Deals Worth Billions Signed with US Energy Firms

US energy companies have signed agreements with Venezuela that are expected to bring tens of billions of dollars in investment and expand oil production. The deals were announced on September 2, and include partnerships between US firms such as Chevron, GE Vernova, and Eni with Venezuelan state oil company PDVSA.

Chevron plans to invest over $7 billion over the next five years and more than double its Venezuelan output to about 600,000 barrels per day. The company will develop the Carabobo 1 and Carabobo-2-South-A fields in the Orinoco Belt through its Petroindependencia joint venture.

Eni has signed a 25-year contract with PDVSA covering the Junín 5 field, which contains an estimated 35 billion barrels of certified oil in place. The Italian company will become the field's exclusive operator and assume responsibility for its technical, financial, and commercial management.