Uploaded September 2026 | Updated September 2026, 3 weeks ago
The U.S. and Venezuela are moving forward with efforts to expand energy deals, on the heels of an agreement allowing the U.S. to tap into Venezuelan oil, with aims of boosting the country’s oil production.
Chevron and Eni, both already operating in Venezuela, were among them.
The Department of Energy expects the agreements to more than double Venezuela’s oil production in less than five years, according to a spokesperson.
U.S. Energy Secretary Chris Wright met with acting Venezuelan President Delcy Rodriguez Wednesday in the country as the pacts across oil, gas and electricity were inked.
"The catalyst for transforming Venezuela is energy. The catalyst for improving the life conditions of Americans, our hemisphere, and everyone in the world is to massively expand energy production around the world,” Wright said. “But of course, we're massively interested in doing that in the Americas. This is our neighborhood, from Argentina to Canada, United States, Venezuela, Guyana, and Colombia; there are energy powerhouses in this hemisphere. And if we can replace the conflict of the past with commerce of today and of the future, we can build a better world."
Chevron announced agreements with Venezuela to expand development, invest $7 billion over five years and more than double production to 600,000 barrels a day. An agreement with Eni expands its operational footprint with an agreement to develop an oil field containing around 35 billion barrels of oil. Additionally, the administration said GE Vernova also signed an agreement to modernize and expand Venezuela’s electric grid.
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The U.S. and Venezuela are moving forward with efforts to expand energy deals, on the heels of an agreement allowing the U.S. to tap into Venezuelan oil, with aims of boosting the country’s oil production.
Chevron and Eni, both already operating in Venezuela, were among them.
The Department of Energy expects the agreements to more than double Venezuela’s oil production in less than five years, according to a spokesperson.
U.S. Energy Secretary Chris Wright met with acting Venezuelan President Delcy Rodriguez Wednesday in the country as the pacts across oil, gas and electricity were inked.
"The catalyst for transforming Venezuela is energy. The catalyst for improving the life conditions of Americans, our hemisphere, and everyone in the world is to massively expand energy production around the world,” Wright said. “But of course, we're massively interested in doing that in the Americas. This is our neighborhood, from Argentina to Canada, United States, Venezuela, Guyana, and Colombia; there are energy powerhouses in this hemisphere. And if we can replace the conflict of the past with commerce of today and of the future, we can build a better world."
Chevron announced agreements with Venezuela to expand development, invest $7 billion over five years and more than double production to 600,000 barrels a day. An agreement with Eni expands its operational footprint with an agreement to develop an oil field containing around 35 billion barrels of oil. Additionally, the administration said GE Vernova also signed an agreement to modernize and expand Venezuela’s electric grid.
-------------------------------------
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Follow us on Facebook: facebook.com/scrippsnews
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Follow us on TikTok: tiktok.com/@scrippsnews
