Venezuela Seals Major Oil Deals with US Energy Giants
U.S. Energy Secretary Chris Wright is set to announce more than a dozen agreements with energy companies in Venezuela, which could rapidly expand its crude output. The deals include one with Chevron Corp., significantly expanding its operations with two giant oil fields in the Orinoco Belt. Other companies such as GE Vernova Inc. and Eni SpA have already signed agreements, according to Wright.
The U.S. is pushing for these deals to limit the influence of Chinese and Russian companies in the region. 'Venezuela's got a lot of historical debt,' Wright said. 'These fields will be developed for the benefit of the Venezuelan people, for the benefit of Americans and for the benefit of global energy markets.'
The OPEC founder member is considering whether it should quit the oil cartel it helped create more than six decades ago. However, Wright stated he hasn't had conversations with Venezuela's officials on this matter.