Caracas (EFE).- Venezuela signed oil agreements with the United States company Chevron and the Italian company Eni on Wednesday.
The signing took place in the presence of Venezuela’s Acting President Delcy Rodríguez, and the US Secretary of Energy Chris Wright, who is visiting Caracas less than a week after the historic oil agreement between the two countries was announced.
The Venezuelan government and Chevron signed a document recognizing the conversion contracts for the joint ventures Petroboscán, Petropiar, and PetroIndependencia, which were established between the state-owned Petróleos de Venezuela (PDVSA) and Chevron after the country’s hydrocarbons law was amended in January.
The agreement also recognized adjustments to these joint ventures’ business plans «under the new legal and fiscal framework for the hydrocarbons sector,» according to Venezuelan officials.
Both parties also signed a “comprehensive bond payment agreement” granting “access to hydrocarbon reserves in the delineated areas” to PetroIndependencia.
Meanwhile, PDVSA signed a hydrocarbon production-sharing contract with Eni for Block Junín 5 in Venezuela’s Orinoco Oil Belt, the world’s largest crude oil reserve, as well as a «transition agreement» for the area.
In addition PDVSA signed a “strategic alliance” with the US company General Electric Vernova to restore the electrical infrastructure of Venezuela’s oil industry.
The Venezuelan state-owned company also signed a production-sharing agreement with Primavera for the Budare-Elotes block in eastern Venezuela.
The state-run channel Venezolana de Televisión (VTV) broadcast the signing ceremony at the Miraflores Palace in Caracas, attended by the president of GE Vernova Venezuela, Carlos Mousadi; PDVSA’s executive vice president, Jovanny Martínez; the country’s acting president Delcy Rodríguez; and the US Secretary of Energy, Chris Wright.
GE Vernova also signed an agreement with the state-owned National Electric Corporation (Corpoelec) to «promote various projects related to strengthening Venezuela’s national electric grid,» according to VTV.
As of Wednesday, Chevron announced it will expand its operations in Venezuela, investing 7 billion dollars over the next five years and doubling its production in the country.
The oil company explained in a statement that it has reached agreements with Venezuela that improve the fiscal, commercial, and legal conditions for its joint ventures in the country. These agreements will support investments exceeding 7 billion dollars over five years.
According to Chevron, these joint ventures plan to double production during that period, reaching approximately 600,000 barrels per day, up from 2026 levels.
The announcement comes just days after US President Donald Trump reported an agreement to develop Venezuela’s oil reserves and grant the Pentagon a share of the profits. EFE
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