Venezuela Lands $7 Billion Chevron Deal Amid Washington Oil Pact

Venezuela has signed new oil agreements with Chevron and Italian energy company Eni in a move to attract foreign investment and expand crude production.

The agreements were formalized during a visit by U.S. Energy Secretary Chris Wright, who arrived in Caracas just days after the announcement of a broader oil agreement between Washington and Venezuela.

Under the deals, Chevron recognized conversion contracts covering projects under Venezuela's new Hydrocarbons Law, which was reformed in January.

Chevron plans to invest over $7 billion in Venezuela over the next five years and aims to double its production to around 600,000 barrels per day compared with 2026 levels.