US companies Chevron, ENI, and GE have signed investment agreements with Venezuela worth tens of billions of dollars.
Modern.az reports that US Energy Secretary Chris Wright announced this in Caracas, the capital of Venezuela.
According to him, a large part of the agreements envisages the expansion of projects discussed in 2026. Thus, Chevron will invest more than 7 billion dollars to increase oil production in Venezuela to 600 thousand barrels per day, i.e., almost twofold, over the next five years. ENI, in turn, will expand its activities in the fields in the Orinoco basin.
Venezuela's current oil production is approximately 1.25 million barrels per day. The country has the world's largest oil reserves, with over 300 billion barrels of proven reserves.
US President Donald Trump announced last week that an agreement had been reached with Venezuela, which envisages more than 65 billion barrels of the country's proven oil reserves coming under US control.
