US, Venezuela Ink New Energy Deals Amid Plans to Boost Oil Production

The US and Venezuela are moving forward with efforts to expand energy deals after an agreement allowing the US to tap into Venezuelan oil. Chevron and Eni, already operating in Venezuela, were among those signing new pacts. The Department of Energy expects these agreements to more than double Venezuela's oil production in under five years.

US Energy Secretary Chris Wright met with acting Venezuelan President Delcy Rodriguez to finalize the deals across oil, gas, and electricity. Wright emphasized the importance of energy production, stating that 'the catalyst for transforming Venezuela is energy' and aiming to 'massively expand energy production around the world.'

Chevron announced agreements to expand development in Venezuela, investing $7 billion over five years and more than doubling production to 600,000 barrels a day. Eni expanded its operational footprint with an agreement to develop an oil field containing around 35 billion barrels of oil.