Chevron, ENI and GE have signed contracts with Venezuela that will generate tens of billions of dollars in investment. This was announced by US Secretary of Energy Chris Wright after a ceremony held at the Miraflores Presidential Palace in the capital of the Bolivarian Republic.
„Today is a historic day in the process of transforming Venezuela and expanding opportunities for the Venezuelan people. US President Donald Trump's mission in Venezuela is clear and simple: to bring peace, freedom, new opportunities and prosperity to the people of Venezuela. I am convinced that the agreements signed today represent investments worth tens of billions of dollars, which will ultimately lead to the creation of thousands of jobs. The agreements are crucial to launching this process aimed at ensuring peace, new opportunities and prosperity for all the people of Venezuela. On behalf of the President of the United States, on my behalf and on behalf of the people of the United States, I express my deepest gratitude to Chevron, ENI, GE and the many other companies that will follow you in bringing capital, technology and new opportunities to Venezuela,“ said the Minister.
Most of the signed agreements provide for the expansion of projects agreed in 2026. Chevron is investing more than $7 billion to double Venezuela's oil production to 600,000 barrels per day over the next five years. Meanwhile, ENI is expanding its operations in the Orinoco Belt.
Venezuela’s oil production is currently around 1.25 million barrels per day, well below the peak of 3 million barrels per day reached in the late 1990s. Venezuela has the world’s largest proven oil reserves, exceeding 300 billion barrels, but its production remains low.
Chevron, the second-largest U.S. oil producer, was the only foreign company allowed to extract hydrocarbons in Venezuela before the U.S. took control of President Nicolás Maduro in January. The company has been operating in the country for more than 50 years. In January, Chevron’s average annual production in Venezuela reached 240,000 barrels per day. By July, it had increased to approximately 270,000 barrels per day.
Last week, Trump announced a deal with Venezuela that would transfer more than 65 billion barrels of Venezuela’s proven oil reserves to the United States. Democrats criticized the president, saying he had put American lives at risk for an oil deal with Venezuela that would only benefit his family and friends.