Chevron and other firms sign Venezuela energy deals during US-backed talks
Chevron, ENI and GE Vernova agreed new business terms in Caracas as Washington helped broker energy arrangements with the Venezuelan government.
Chevron, Italy’s ENI and GE Vernova signed new agreements with Venezuela on Wednesday during talks in Caracas that were overseen by the United States, according to US Energy Secretary Chris Wright. The deals were finalised with Interim President Delcy Rodriguez.
Wright said the agreements were worth tens of billions of dollars, while Chevron separately announced a $7 billion expansion tied to its Venezuelan operations. The company’s announcement came hours after Venezuela’s parliament approved a plan that would give Washington control over a fifth of the country’s oil reserves, according to Euronews.
The talks took place as the US and Venezuela continued to navigate a fraught energy relationship shaped by sanctions, access to crude and the role of foreign companies in the country’s oil sector. Chevron has remained one of the few major US firms with a presence in Venezuela.
The latest deals add to a long-running pattern of negotiations over investment, production and export rights in one of the world’s largest oil-producing countries.
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