Venezuela Secures Billions in Energy Deals with Chevron and Eni
Venezuela has signed major energy investment agreements with US oil company Chevron and Italian energy major Eni, marking a significant move to revive its oil and power sectors. The agreements were signed during US Energy Secretary Chris Wright's visit to Caracas, and come after Washington announced a historic energy agreement with Caracas aimed at expanding Venezuela's oil production and attracting foreign investment.
Chevron will invest more than $7 billion over the next five years across its Venezuelan joint ventures with state oil company Petroleos de Venezuela (PDVSA), aiming to raise output to approximately 600,000 barrels per day. The company was granted additional acreage in the resource-rich Orinoco Belt adjacent to its existing operations.
Eni also finalized a 25-year strategic contract under which it will become the exclusive operator of the Junin 5 heavy oil field in the Orinoco Belt, with estimated annual investment of $1.5 billion. The company aims to increase Junín 5 production to 400,000 barrels per day by the end of the decade.