US Energy Secretary Chris Wright on Wednesday oversaw the signing of multiple energy agreements valued at “tens of billions of dollars” between Venezuela and international oil companies Chevron and ENI, along with energy technology firm GE Vernova.
Standing beside Venezuela’s Interim President Delcy Rodriguez, Wright described the eight signed agreements as representing “tens of billions of dollars of investment” that are “critical in starting this ball rolling of peace, opportunity, and prosperity” for the Venezuelan people.
Wright emphasized that increasing energy production serves as “the catalyst for transforming Venezuela” and improving living conditions not only for Americans but for the entire hemisphere and global community.
In line with President Donald Trump’s vision, Wright referred to Latin America as “our neighbourhood.”
His visit was anticipated to center on finalizing a contested oil agreement granting the United States access to roughly one-fifth of Venezuela’s substantial oil reserves.
However, Rodriguez indicated that the agreement announced by Trump on August 28 had already been finalized.
Trump had previously characterized the deal, which gives the US a share of Venezuela’s oil wealth, as the “biggest oil deal in world history.”
Rodriguez expressed hope that “the major agreement signed on August 28 between Venezuela and the United States for the production of 65 billion barrels of oil currently in reserve” will “translate into benefits for the people of the United States.”
The agreements signed at the Miraflores Presidential Palace will expand operations for US company Chevron and Italian firm ENI within Venezuela.
Chevron previously estimated its agreement to develop two additional oil fields in Venezuela’s Orinoco Belt at $7 billion, anticipating more than doubling its output within five years.
ENI announced it has secured exclusive exploration rights to the Junin 5 oil field, one of the region’s largest untapped reserves.
GE Vernova, a subsidiary of General Electric, will assist in revitalizing Venezuela’s struggling electricity infrastructure.
(FRANCE 24 with AFP)
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