Venezuela Has Signed Oil Agreements With Chevron And Eni

• 2.09.2026, 20:59

The agreements were signed during the U.S. Secretary of Energy's visit to Venezuela.

Venezuela has signed agreements with the U.S. oil and gas corporation Chevron and the Italian company Eni to expand their operations in the country. The companies themselves announced this. The agreements were signed during a visit to Venezuela by U.S. Secretary of Energy Chris Wright.

Chevron stated that it will gain access to two oil fields in the Orinoco River basin. The company plans to invest $7 billion in production in Venezuela and, over the course of five years, increase output from approximately 280,000 barrels of oil per day to 600,000 barrels per day. Eni also announced that, under the terms of the agreement, it will develop an oil field in the Orinoco Basin.

In late August, U.S. President Donald Trump announced the “largest oil deal in world history,” as a result of which the U.S. would control a significant portion of Venezuela’s oil. Critics have compared the agreement to 19th-century colonialism. Reuters reports that during Mr. Wright’s visit, Venezuela is also expected to sign agreements with other oil and gas companies, including Colombia’s Geopark.