Chevron plans to invest US$7 billion in Venezuela over the next five years.
On Wednesday, Venezuelan Acting President Delcy Rodriguez received U.S. Energy Secretary Chris Wright at the Miraflores Palace.
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U.S. Energy Secretary Chris Wright Arrives in Venezuela to Seal Oil Deal
The senior U.S. official has been in Venezuela since Tuesday, accompanied by the charge d’affaires of the U.S. Embassy in Caracas, John Barrett, and Venezuelan Economy Minister Calixto Ortega.
Wright’s visit aims to sign a new contract for U.S. oil company Chevron in the Orinoco Belt, the largest crude oil reserve in the world.
Chevron will expand its operations in Venezuela to invest US$7 billion over the next five years. In this way, the U.S. company will seek to double its production to approximately 600,000 barrels per day.
Wright’s visit takes place in connection with the Venezuela-U.S. oil agreement that will allow the exploitation of 17 oil fields across the national territory.
Previously, Rodriguez previously highlighted that the 25-year deal will allow Venezuela to achieve higher levels of development and preserve its sovereignty and ownership of oil resources. She also highlighted that the agreement will guarantee resources for the Venezuelan state to provide public services, health care, education and roads.
Venezuelan Acting President Meets With Italian Company Eni
On Wednesday, Venezuelan Acting President Delcy Rodriguez also led a working meeting at the Miraflores Palace with Claudio Descalzi, the chief executive officer of Italian energy corporation Eni.
Accompanied by officials from the ministries of economy and oil, as well as from oil company Petroleos de Venezuela (PDVSA), Rodriguez reviewed the bilateral agenda and existing cooperation arrangements in the hydrocarbon sector.
During the meeting, both delegations evaluated the map of joint investments, operational development projects and opportunities for expansion in the crude oil and natural gas sectors.
The meeting is part of efforts to boost the participation of international corporations in strategic areas of the national energy industry.
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