Venezuela Oil Deals Lined Up as U.S. Energy Chief Rules Out Chinese Claim
The U.S. energy chief, Wright, announced that China has no claim on revenue from new Venezuelan oil output. The statement comes as Venezuela is on the verge of a wave of agreements with private firms to ramp up oil production.
Venezuela is expected to sign deals with several companies, including Chevron Corp., GE Vernova Inc., Eni SpA, Shell Plc, BP Plc, and Repsol SA. The biggest deal involves Chevron, which is significantly expanding in the country with two giant fields in the Orinoco Belt.
Chevron's CEO, Mike Wirth, outlined a $7 billion plan for Venezuela built around multiple joint-venture partnerships. Wright added that debt restructuring efforts are underway and that those barrels from new production will not go straight into storage caverns, but instead be used in swap operations.