Published • loading... • Updated
Venezuela Signs Agreements with Chevron, Eni, GE, in Presence of US Secretary of Energy
Chevron and Eni will expand operations as Venezuela says the deals could raise output to 2 million barrels a day by 2030.
- On Wednesday, Venezuela signed multibillion-dollar oil agreements with Chevron and Eni at Caracas's Miraflores Palace, attended by United States Energy Secretary Chris Wright to oversee the historic signing ceremony.
- These contracts follow a sweeping oil reform approved in January after the United States-led overthrow of former President Nicolas Maduro, designed to revitalize Venezuela's idle petroleum assets and battered infrastructure.
- Chevron will invest $7 billion over five years to double production in the Orinoco Belt. Acting President Delcy Rodriguez defended the partnerships, arguing more oil means "higher wages, better public services, hospitals, schools and food."
- General Electric Vernova signed a separate agreement to strengthen Venezuela's national electric grid. United States Energy Secretary Chris Wright insisted the United States is not "stealing Venezuelan oil," stating the deals bring technology and capital.
- Venezuela aims to reach 2 million barrels per day by decade's end. Acting President Delcy Rodriguez stated an electoral process will occur when "Venezuela is ready," eight months after Maduro's overthrow.
Insights by Ground AI
Podcasts & Opinions
16 Articles
16 Articles
The Venezuelan government has signed new agreements with the US oil company Chevron and the Italian Eni in an effort to boost oil production, expanding the scope of existing partnerships.
·Istanbul, Türkiye
Read Full Article
Venezuela signed agreements on Thursday to boost oil production with energy companies Chevron of the United States and Eni of Italy, agencies reported. The Venezuelan government also signed an agreement with US company GE Vernova to restore the country's electricity grid.
Coverage Details
Total News Sources16
Leaning Left5Leaning Right2Center1Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
12%
R 25%
Factuality
To view factuality data please Upgrade to Premium
