US energy firms sign Venezuela oil deals
Analysis based on 7 articles · First reported Sep 02, 2026 · Last updated Sep 03, 2026
The deals are expected to boost oil supply and stabilize energy markets, potentially easing fuel prices. Chevron and other energy firms stand to gain significant reserves and production growth, while Venezuela's oil industry may see long-term revival.
On September 3, 2026, US energy firms signed multibillion-dollar deals with Venezuela, days after the country agreed to grant the United States majority control of 65 billion barrels of its oil reserves. US Energy Secretary Chris Wright traveled to Caracas to oversee the signing of contracts with Chevron, GE Vernova, and Italy's Eni, valued at tens of billions of dollars. The agreements are seen as a quid pro quo for Washington's support following the ouster of former president Nicolás Maduro. Chevron plans to invest over $7 billion to expand operations in the Orinoco Belt, aiming to double production. Eni secured exclusive rights to explore the Junin 5 oil field, while GE Vernova will help repair Venezuela's electricity grid. The deals have raised sovereignty concerns, with critics accusing the US of coercing Venezuela. Interim President Delcy Rodríguez defended the agreements as necessary for investment, projecting $209 billion in profit over 25 years. The US government is also acquiring a 35% stake in North American Blue Energy Partners, run by Alejandro Betancourt López, who has faced corruption allegations. Both Trump and Rodríguez dismissed calls for immediate elections, stating the country is not ready.
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