Venezuela Oil Majors Get Boost from Eni and Chevron Investment Deals

International energy firms Eni and Chevron have committed to expanding their oil projects in Venezuela as part of a broader effort to revive the country's struggling oil industry. The signings took place at a ceremony in Caracas, overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright.

Eni plans to invest $1.5 billion to expand its operations in the Junin 5 heavy oil area of the Orinoco Belt, which currently produces approximately 12,000 barrels per day. The company's joint venture with PDVSA will transition into a 25-year production-sharing contract.

Chevron, meanwhile, has pledged to invest over $7 billion to double its output in Venezuela to about 600,000 barrels per day over the next five years.