US and Venezuela Unveil New Oil Deal Worth Billions

The US and Venezuela have made significant progress in reviving the country's struggling oil industry. International energy firms, including Eni, GE Vernova, and Chevron, have committed to expanding their projects in the country under a new deal.

The signings took place in Caracas on Wednesday, overseen by interim President Delcy Rodriguez and US Energy Secretary Chris Wright. The companies will invest heavily in Venezuela's oil sector, with Eni planning to spend $1.5 billion on its Junin 5 heavy oil project in the Orinoco Belt.

Chevron plans to double its output in the country over the next five years, investing more than $7 billion in the process. The US is spearheading a $100 billion investment plan that aims to increase Venezuela's oil production from 1.25 million barrels per day to 2.5 million.

The deal represents the latest effort by private companies to help Venezuela revive its oil industry, which has suffered due to lack of investment and sanctions imposed by the US.