Venezuela signs new oil agreements with Chevron, Eni, and GE Vernova

Venezuela signed new agreements on Wednesday with the oil companies Chevron and Eni to expand their operations in the country, and with GE Vernova to revive the electricity sector, in the presence of the U.S. Secretary of Energy in Caracas.

Chris Wright attended the ceremony alongside acting President Delcy Rodríguez at the Miraflores Presidential Palace, after Washington and Caracas announced on August 28 a historic agreement granting the exploitation rights to one-fifth of Venezuela's oil reserves.

"I believe that the agreements signed today—which involve billions of dollars in investment and will ultimately create many jobs—are essential to begin bringing peace, opportunity, and prosperity for all," stated the U.S. Secretary of Energy.

The U.S.-based Chevron and the Italian company Eni will operate several blocks under an oil production contract (CPP) that increases their stake in the fields.

Delcy Rodríguez expressed her gratitude to President Donald Trump for "all the joint efforts his administration has made" to achieve "win-win" agreements.

The Venezuelan government also signed agreements with GE Vernova Inc. to repair a large portion of the country's power grid.

"With the agreements we have signed, we will continue to make progress toward stabilizing and restoring the power grid for this nation and for all those who wish to do business here," said Roger Martella, corporate director of GE Vernova.

The government also signed an agreement with the Venezuelan company Primavera to operate two fields located in the Orinoco oil belt, where significant crude oil reserves are found.