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U.S. Energy Secretary Chris Wright attended the signing ceremony on Wednesday in Caracas for eight deals totaling tens of billions of dollars between Venezuela and major oil companies Chevron, ENI, and GE Vernova. The deals represent a significant investment and are seen as vital to kickstarting peace, opportunity, and prosperity for Venezuelans.

Wright emphasized that boosting energy production could transform Venezuela and improve the lives of Americans, the entire hemisphere, and the world at large. He likened Latin America to "our neighborhood," a sentiment echoed by President Donald Trump. While the visit initially focused on finalizing a controversial oil deal that would give the U.S. control over about one-fifth of Venezuela's vast reserves, interim President Delcy Rodriguez announced that this deal had already been concluded on August 28, the day it was announced by Trump with much fanfare.

Rodriguez expressed hope that the major agreement signed on August 28, which grants the U.S. access to 65 billion barrels of oil currently in Venezuela's reserves, would translate into benefits for Americans. The signed agreements between Chevron and ENI will see increased operations in Venezuela, with Chevron valuing its deal to develop two additional oil fields at $7 billion and expecting to more than double production within five years.

ENI secured exclusive rights to explore the giant Junin 5 oil field. U.S. energy company GE Vernova will assist in revitalizing Venezuela's struggling electricity sector.