Venezuela Seals New Oil Deals as US Energy Secretary Chris Wright Promises Debt-Free Revenue
US Energy Secretary Chris Wright announced that private companies are on the cusp of signing deals to expand Venezuela's crude output, with Chevron Corp. leading the charge by significantly expanding its operations in two giant oil fields in the Orinoco Belt.
The largest deal is expected to be signed between Chevron and Venezuela, while smaller agreements have already been finalized with GE Vernova Inc. and Eni SpA, Wright said during a Bloomberg Television interview in Caracas.
Venezuela's acting President Delcy Rodríguez confirmed that Shell Plc, BP Plc, Spain's Repsol SA, and the US are expected to sign deals, citing Trump officials' efforts to limit Chinese and Russian companies' influence in the region.
Wright emphasized that Venezuela's historical debt will not be a claim on new oil revenue from these projects, as part of ongoing debt restructuring efforts. The country is considering whether to leave the OPEC cartel, which it helped create more than six decades ago.