US Energy Secretary Signs Major Oil Deals with Venezuela Amid Washington's $100 Billion Investment Plan
US Energy Secretary Chris Wright and interim President Delcy Rodriguez oversaw a signing ceremony in Caracas for major project expansions to boost oil output in Venezuela.
The deals, separate from a recent controversial deal between Caracas and Washington that gives the US access to 17 oilfields, relate to project expansions negotiated with Venezuela's oil ministry and state oil company PDVSA as part of an oil reform approved in January.
Chevron plans to invest over $7 billion to double its output to around 600,000 bpd over five years, while Eni will expand into the Junin 5 heavy oil area with a $1.5 billion investment and target 400,000 bpd by the end of this decade.
Other pacts include an oilfield development agreement with Primavera and an exploration agreement with Aspect Holdings.