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First modification: 09/03/2026 - 04:38 Last modification: 09/03/2026 - 04:59
The American oil company Chevron plans to invest more than 7 billion dollars to develop new fields and more than double its production in Venezuela over the next five years, while the Italian company Eni obtained exclusive rights to the Junín 5 field. The agreements are part of a new stage of opening of the Venezuelan oil sector.
The agreements signed between Venezuela and large American and European energy companies open a new stage for the country's oil industry, with investments worth billions of dollars aimed at increasing production that is still far below the levels reached decades ago, in the country with the largest crude oil reserves in the world.
One of the main commitments corresponds to the American Chevron, currently the largest private oil producer in Venezuela, as its executive director, Mike Wirth, stated that the company expects to invest more than 7,000 million dollars over the next five years and more than double its production, to exceed 500,000 barrels per day.
The plan contemplates the development of two additional fields in the Orinoco Oil Belt, one of the areas with the largest crude oil reserves in the country, under new legal, fiscal and commercial terms.
Also read EE. The US and Venezuela seal a historic oil agreement in Caracas under Trump's new energy pulse - France 24
Italy also expands its presence in the Caribbean country. The oil company Eni obtained exclusive rights to explore the gigantic Junín 5 field, while Caracas seeks to attract private capital to develop new fields and increase extraction.
A sleeping giant
Venezuelan production is currently around 1.2 million barrels per day, much less than the 3 million per day it reached two decades ago but a figure that is at least 30% more since the overthrow of Nicolás Maduro, according to information provided by the interim Government.
The new contracts are in line with an agreement announced on August 28 by US President Donald Trump, which provides for Washington's access to some 65 billion barrels of proven Venezuelan reserves, equivalent to about a fifth of the country's reserves.
The Delcy Rodríguez Administration estimates that the agreement could generate USD 209 billion in profits for Venezuela over 25 years. Washington, for its part, maintains that increasing energy production could boost jobs and investment and help transform the Venezuelan economy.
In addition to Chevron and Eni, Venezuela signed agreements with GE Vernova to contribute to the recovery of its deteriorated electrical infrastructure, within a package of eight agreements valued by US officials at tens of billions of dollars.
With information from Reuters and AFP.
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