US’s Chevron, Italy’s Eni to expand oil projects in Venezuela
Chevron, Eni, and other energy firms have signed multibillion-dollar deals to expand oil production in Venezuela. These agreements follow a recent deal granting the US access to significant Venezuelan oil reserves, signaling a shift in energy policy under the Trump administration.
Why it matters
The expansion of oil projects in Venezuela marks a major geopolitical shift in energy markets and US-Venezuela relations.
Energy firms sign multibillion-dollar deals in Caracas, days after Venezuela agreed to grant the US control of a fifth of its oil reserves.
x whatsapp-stroke copylink google Add Al Jazeera on Google info play video play video Video Duration 02 minutes 15 seconds play-arrow 02:15 US and Venezuela sign major oil deals as Washington expands influence in Caracas
Chevron and several other global energy companies have signed multibillion-dollar deals to boost Venezuela’s oil output at a ceremony in Caracas, overseen by interim President Delcy Rodriguez and United States Energy Secretary Chris Wright.
The deals on Wednesday are separate from a recently unveiled Caracas-Washington agreement that gives the US access to 17 Venezuelan oilfields, representing about a fifth of the country’s total reserves.
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