Venezuela signed new agreements yesterday with oil companies „Chevron“ and „Eni“ to expand their activities in the country, as well as with „GE Vernova“ to restore electricity infrastructure, Agence France-Presse reported, BTA reported.
The agreements were signed in the presence of US Energy Secretary Chris Wright, who arrived in Venezuela on Tuesday after Washington and Caracas announced a bilateral agreement that could give the US control over about a fifth of the country's oil reserves.
According to Wright, the signed contracts provide for investments of tens of billions of dollars and, in the future, the creation of thousands of jobs. He described them as important for creating a "dynamic of peace, opportunity and prosperity for all in Venezuela."
The American "Chevron", which has long had joint ventures in Venezuela, will gain access to new fields. The company expects to more than double the production of its three joint ventures within five years compared to 2026 levels - to about 600,000 barrels per day.
The Italian "Eni" has been given by Caracas the role of sole operator of the huge "Junin 5" oil field in the Orinoco belt.
The Venezuelan government has also signed agreements with the American "GE Vernova", which unites the former energy activities of the conglomerate "General Electric" (General Electric), to repair a significant part of the country's power grid.
A separate contract was signed with the Venezuelan company “Primavera“ to develop two oil fields.
Along with the contracts with the companies, Caracas and Washington also concluded a bilateral agreement, announced by US President Donald Trump on August 28, which provides for the US to acquire majority control of assets related to more than 65 billion barrels of Venezuela's oil reserves.
Venezuela's acting president, Delcy Rodriguez, who has been in power since the capture of Nicolas Maduro by US forces in January, thanked Trump and said the agreement would bring “prosperity” of the country.
Since Maduro's capture, the US president has sought to accelerate the development of Venezuela's oil and gas resources under Washington's auspices, AFP notes.
Venezuela has the largest proven oil reserves in the world - over 300 billion barrels by estimate. At its historical peak, the country produced more than 3 million barrels per day.
Wright told CNBC that Venezuelan production would reach “well over two million barrels per day“ by the end of the decade. At the beginning of this year, it was just under one million barrels per day.
According to information from the White House, the bilateral agreement provides for the US to acquire a 35 percent stake in “North American Blue Energy Partners“ (North American Blue Energy Partners), the second largest private oil company in Venezuela.
In return, the company will give Washington the opportunity to buy 20% of its production at cost. The oil will be processed in American refineries adapted to the heavy Venezuelan crude.
Trump described the agreement as the “largest oil agreement in world history“ and said it has the potential to double the reserves to which the United States has access. The American president also seeks to limit the rise in fuel prices before the midterm elections in early November, notes Agence France-Presse.
The agreement received the support of the Venezuelan National Assembly and the armed forces. Delcy Rodriguez assured that the country will maintain its sovereignty over oil fields developed with American participation.
Washington, which has been gradually lifting sanctions against Caracas since the beginning of the year, announced new measures yesterday to facilitate gold and coal mining in Venezuela.
In political terms, Trump said that Venezuela "is not yet ready" for elections, nearly nine months after the American intervention.
"There will be an electoral process, but only when Venezuela is ready," Rodriguez said.
The Venezuelan authorities and the opposition held the first round of negotiations for a political transition requested by Washington in August. US Secretary of State Marco Rubio told "Fox News" that a new round of talks would take place in about ten days.