US oversees signing of multibillion-dollar deals between Venezuela and Chevron, ENI, GE Vernova

US Energy Secretary Chris Wright on Wednesday oversaw the signing of eight agreements in Caracas between Venezuela and major energy firms — American oil company Chevron, Italy's ENI, and US energy technology firm GE Vernova, an offshoot of General Electric.

The ceremony took place at the Miraflores Presidential Palace with Venezuelan Interim President Delcy Rodriguez in attendance. Wright said the agreements collectively represented tens of billions of dollars in investment and were essential to setting in motion a process of peace, opportunity and prosperity for Venezuelans. He said boosting energy production would act as a catalyst for transforming the country and improving living conditions for Americans and people across the hemisphere and the world. Echoing President Donald Trump's language, Wright described Latin America as "our neighbourhood."

Context of an earlier deal

Ahead of the visit, expectations centred on a separate, contentious oil arrangement giving the United States control over roughly one-fifth of Venezuela's vast reserves. Rodriguez indicated that agreement had already been finalized on August 28, when Trump announced it with considerable fanfare, calling it the "biggest oil deal in world history." On Wednesday, Rodriguez said she hoped the August 28 agreement, covering 65 billion barrels of reserves, would bring benefits to the American people.

The individual agreements

Chevron had previously valued its portion of the deal — developing two additional oil fields in the Orinoco Belt — at $7 billion, projecting it would more than double output within five years. ENI secured exclusive rights to explore the large Junin 5 oil field. GE Vernova will assist in rebuilding Venezuela's badly deteriorated electricity sector.