Venezuela Oil Output Set for Boost as Chevron and Eni Expand Projects

International energy firms Chevron and Eni have signed agreements to expand their oil projects in Venezuela as part of a US-backed plan to revive the country's struggling industry. The signings were overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright, who stated that the goal is to double Venezuela's oil output within the coming years.

The deals are separate from a recent agreement between Caracas and Washington that gives the US access to 17 oilfields in Venezuela. Eni will invest $1.5 billion in expanding its operations at the Junin 5 heavy oil area, where it plans to produce approximately 12,000 barrels per day.

Chevron is set to invest more than $7 billion over the next five years, aiming to double its output to about 600,000 barrels per day. Other energy firms involved in the signings include GE Vernova and Primavera.