US energy secretary oversees signing of Trump’s ‘biggest’ oil deal in Venezuela
Deals worth 'tens of billions of dollars' are signed with US oil majors Chevron and ENI as well as with energy company GE Vernova.
US Energy Secretary Chris Wright presided over the signing of eight major oil deals in Venezuela on Wednesday, totaling tens of billions of dollars in investment. The agreements, brokered between Venezuela and oil giants Chevron, ENI, and GE Vernova, mark a significant step towards revitalizing the country's energy sector and improving the lives of Americans and the global population.
Wright emphasized that the deals were a crucial catalyst for transforming Venezuela and ushering in an era of peace, opportunity, and prosperity. While the visit was initially focused on finalizing a controversial oil deal granting the US control of approximately one-fifth of Venezuela's vast reserves, interim President Delcy Rodriguez revealed that the deal had already been sealed on August 28.
The Republican leader had hailed the agreement as the "biggest oil deal in world history." Rodriguez expressed hope that the major agreement would ultimately benefit the people of the United States. Chevron secured a deal valued at $7 billion to develop two additional oil fields in Venezuela's Orinoco Belt, anticipating a more than double increase in output within five years.
ENI gained exclusive rights to explore the Junin 5 oil field, while GE Vernova, a subsidiary of General Electric, will assist in revitalizing Venezuela's struggling electricity sector.
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