Trump ally defends Venezuela oil deal amid ‘gunpoint diplomacy’ criticism
Energy secretary Chris Wright denies US seeks to ‘take’ country’s oil, saying deal is ‘transformation’ of relations The US energy secretary, Chris Wright, has denied Washington is seeking to commandeer huge quantities of Venezuelan oil, amid growing criticism of Donald Trump’s energy deal with the country’s interim leaders. “Absolutely not,” Wright replied when asked by a CNBC journalist if the…
Chevron has unveiled a US$7 billion deal with Venezuela to double the country's oil production in five years, according to a press release. The agreement involves the development of two new oil fields in the Orinoco Belt, more than doubling output to around 600,000 barrels a day. Chevron's stake in the Petroindependencia joint venture will increase to 49%, with the company returning certain offshore gas extraction rights to the Venezuelan state oil company PDVSA.
Chevron CEO Mike Wirth highlighted the company's century-long presence in Venezuela and the country's vast resource potential, stating that the deal will deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value. US Energy Secretary Chris Wright arrived in Venezuela to finalize the deal, praising his efforts to facilitate conditions for further investment and growth.
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- Chevron unveils deal to double Venezuela’s venture output in 5 years freemalaysiatoday.com
