Venezuela signed new agreements on Wednesday September 2 with the American oil companies Chevron and Italian Eni to expand their operations in the country, as well as with GE Vernova to restore the electricity industry. All under the auspices of the American Minister of Energy, Chris Wright.
Since the capture of President Nicolas Maduro by the American army nine months ago, Donald Trump intends to relaunch the exploitation of Venezuelan oil and gas resources under his own patronage.
His minister’s visit to Caracas comes after the announcement of a bilateral agreement that could allow Washington to control around a fifth of the country’s oil reserves.
Chris Wright said he hoped that these new contracts signed under his supervision with private multinationals would bring “peace” and “prosperity” to Venezuela, which has the largest crude oil reserves on the planet.
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Chevron, Venezuela’s historic oil partner, is obtaining new fields and expects to more than double the production of its three joint companies compared to 2026, to around 600,000 barrels per day, in the space of five years.
The Italian Eni, for its part, has won the role of exclusive operator of the gigantic Junin 5 oil field in the Orinoco belt from Caracas.
The Venezuelan government has also signed agreements with the American company GE Vernova – which brings together the former energy activities of the General Electric conglomerate – to repair a large part of the Caribbean country’s electricity network.
As well as an agreement with the Venezuelan company Primavera for the exploitation of two oil fields.
Delcy Rodriguez thanks Donald Trump
Independently of industrial contracts, Caracas and Washington have concluded a bilateral agreement, announced by Donald Trump on August 28, which should see the United States take majority control of more than 65 billion barrels of the country’s reserves.
The interim president of Venezuela, Delcy Rodriguez, in power since the kidnapping of Nicolas Maduro by American forces in January, clarified that the text was signed last Friday, the day it was announced by Trump. She wanted to thank the tenant of the White House on Wednesday, assuring that this agreement will bring “well-being” to the country.
At its historic peak, daily Venezuelan oil production reached more than 3 million barrels.
It “will be well over two million barrels per day by the end of the decade,” said Chris Wright on CNBC. It was just under a million at the start of the year but has increased by almost 30% since then.
The agreement between Washington and Caracas provides for a 35% stake in North American Blue Energy Partners, Venezuela’s second largest private oil company, according to information provided by the White House.
In exchange, this company will grant Washington the possibility of buying at cost price 20% of its production, which will then be processed in refineries in the United States specifically designed for this viscous oil.
Double US oil reserves
The Republican billionaire praised the “largest oil deal in world history”, which aims to double the reserves of the United States. He is seeking to limit the rise in prices at the pump, a crucial issue for the mid-term elections in early November, which are off to a bad start for his camp. Experts believe, however, that the effect of this agreement will not be felt for a few years.
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His minister on Wednesday defended Nabep, who “has demonstrated an extremely successful record in producing large volumes of oil in Venezuela.”
This company was founded by a Venezuelan businessman, Alejandro Betancourt, who enriched himself through opaque affairs under the mandates of Hugo Chavez (1999-2013) then Nicolas Maduro (2013-2026) and was the subject of legal proceedings in Spain and Switzerland for money laundering.
The oil deal received support from the Venezuelan National Assembly and military. Delcy Rodriguez assured that her country would retain its sovereignty over oil fields exploited by the United States.
The leader governs under strong pressure from Donald Trump, who estimated on Wednesday that Venezuela was “not yet ready” to organize elections, almost nine months after the American intervention.
“There will be an electoral process, but only when Venezuela is ready,” said Delcy Rodriguez.
The Venezuelan government and opposition held their first round of dialogue in August, requested by Washington, with a view to a political transition. A new series of talks will take place in around ten days, the head of American diplomacy, Marco Rubio, said on Fox News on Wednesday.
With AFP
