US-Backed Firms Pump $1.5 Billion into Venezuela's Struggling Oil Industry
A group of international energy companies, including Eni and Chevron, has committed to expanding oil projects in Venezuela as part of a US-backed investment plan. The plan aims to double Venezuela's oil output within a few years, up from its current level of around 1.25 million barrels per day.
The companies signed agreements with the Venezuelan government on Wednesday, including Eni's expansion into the Junin 5 heavy oil area in the Orinoco Belt. The project is expected to invest $1.5 billion and produce approximately 12,000 bpd, with a target of 400,000 bpd by the end of this decade.
US Energy Secretary Chris Wright said that the US wants 'Trump-speed' transformation in Venezuela, referring to President Donald Trump's desire for rapid change. Wright also defended the choice of NABEP, a Venezuelan company, as a partner in the deal, citing its scale and proven track record.