Venezuela Secures Major Energy Deals with US Firms Amid Diplomatic Efforts
By Editor • September 2, 2026 • 1 min read
In a significant diplomatic move, US Energy Secretary Chris Wright announced the signing of multiple high-stakes deals between Venezuela and major energy companies, including Chevron and Italy's ENI, during his visit to Caracas. These agreements, valued at "tens of billions of dollars," aim to enhance Venezuela's oil production and improve economic conditions.
Wright, alongside Interim President Delcy Rodriguez, emphasized the importance of these eight agreements as a stepping stone toward peace and prosperity for Venezuelans. He stated that boosting energy production will not only benefit Venezuela but also enhance living conditions across the Americas.
Notably, Rodriguez highlighted a prior agreement made on August 28, which is expected to yield 65 billion barrels of oil for the US. Chevron plans to invest $7 billion to develop new oil fields, while ENI has secured exclusive exploration rights to the Junin 5 oil field. Additionally, GE Vernova is set to assist in rejuvenating Venezuela's struggling electricity sector.
Source: www.france24.com
