Venezuela’s energy deals announced on September 2 include more than USD 7 billion in planned Chevron investment, a new Eni oil contract, and a GE Vernova electricity grid agreement.
According to a White House fact sheet, Chevron Corporation plans to invest more than USD 7 billion through its Venezuelan joint ventures over five years.
The administration said the projects are intended to lift Chevron-linked production to 600,000 barrels per day.
Chevron will expand operations in Venezuela’s Orinoco Belt, including the Carabobo 1 and Carabobo-2-South-A areas through the Petroindependencia joint venture, the fact sheet said.
Separately, Eni S.p.A. and state oil company Petróleos de Venezuela S.A. signed a 25-year contract covering the Junín 5 oil field.
The White House said Eni will become the field’s exclusive operator and oversee its technical, financial and commercial management. The administration said Junín 5 contains about 35 billion barrels of certified oil in place.
It also set a goal of producing more than 1 million barrels per day from the development by 2031. GE Vernova Inc. also signed an agreement to modernise Venezuela’s electricity network.
Read: US-Venezuela Oil Deal Targets 65 Billion Barrels
The White House said the company plans to bring 1 gigawatt of new power online within 24 months and another 5 gigawatts during the following four years.
U.S. Energy Secretary Chris Wright attended the September 2 signings alongside Venezuelan interim President Delcy Rodríguez, according to the fact sheet.
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The White House said the agreements form part of a broader U.S.-Venezuela energy framework announced August 28. Its projections for production growth, investment and energy-price effects remain forward-looking government estimates.
