Venezuela Signs Historic Energy Deals with Chevron and Eni
Venezuela has signed major energy investment agreements with US oil company Chevron and Italian energy major Eni, as part of a historic deal aimed at expanding the country's oil production and attracting foreign investment.
The agreements were signed in the presence of Acting President Delcy Rodriguez and US Energy Secretary Chris Wright during his visit to Caracas. Chevron will invest over $7 billion over the next five years across its Venezuelan joint ventures with state oil company Petroleos de Venezuela (PDVSA), aiming to raise output to approximately 600,000 barrels per day.
Under the new terms, Chevron was granted additional acreage in the resource-rich Orinoco Belt adjacent to its existing operations. Eni also finalized a 25-year strategic contract under which it will become the exclusive operator of the Junin 5 heavy oil field in the Orinoco Belt, with estimated annual investment of $1.5 billion.