US energy firms dominate Venezuela deals worth billions
CARACAS - US energy firms on Wednesday signed a raft of multibillion-dollar deals with Venezuela, days after the South American country agreed to grant the United States control of a huge chunk of its vast oil reserves.
US energy firms inked a series of multi-billion-dollar agreements with Venezuela on Wednesday, following the country's decision to grant the United States control over a significant portion of its oil reserves. Energy Secretary Chris Wright led the signing of deals valued at tens of billions of dollars, with the aim of bolstering Venezuela's economy and improving the lives of Americans and global citizens.
The investments, made by Chevron, General Electric's Vernova, and Italy's ENI, are seen as a significant step towards peace and prosperity in Venezuela. President Donald Trump has hailed the agreement as the largest oil deal in world history. However, the deals have raised concerns about Venezuela's sovereignty, with critics accusing Trump of holding the country hostage after ousting former President Nicolas Maduro.
Interim President Delcy Rodriguez rejected the notion of surrendering Venezuela's resources, asserting that sharing the oil wealth is crucial for investment and job creation. If implemented, the new contracts could yield up to $209 billion in profits for the country over the next 25 years. The deals will increase Chevron's and ENI's stakes in Venezuelan oil fields, while GE Vernova will help restore the nation's electricity grid.
Despite the controversial nature of the agreements, Wright defended the partnerships, stating that they are reliable business allies. The deal represents a significant shift for the Chavismo movement, which nationalized Venezuela's oil fields two decades ago on an anti-imperialist platform.
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