Archive · 3 Sep 2026
US Firms Sign Historic Multibillion-Dollar Venezuelan Oil Deals
Several large companies agreed to invest billions of dollars in Venezuela.
The deals involve oil production, energy equipment, and repairs to the country’s electricity system.
The United States would receive majority control connected to 65 billion barrels of Venezuelan oil reserves.
Chevron plans to increase production from a project in the Orinoco Belt.
Eni received exclusive rights to one oil field.
GE Vernova will help repair Venezuela’s power grid.
Supporters say the deals will create jobs and improve public services.
Critics say the United States is taking too much control over Venezuela’s resources.
US and Venezuelan officials deny that the country is surrendering its assets.
Chevron, GE Vernova, and Eni signed multibillion-dollar agreements involving Venezuela’s oil and power sectors.
The agreement gives the United States majority control of 65 billion barrels of Venezuelan oil reserves.
Chevron expects its $7 billion Orinoco Belt project to more than double output within five years.
Venezuelan officials say the partnerships could generate $209 billion in national profit over 25 years.
Critics accuse Washington of undermining Venezuelan sovereignty, while US and Venezuelan officials defend the deals as necessary investment.
- Who
- US Energy Secretary Chris Wright, Chevron, GE Vernova, Eni, Venezuelan interim leader Delcy Rodríguez, and other energy-sector participants.
- What
- Companies signed multibillion-dollar agreements covering Venezuelan oil production, foreign investment, and power-grid repairs.
- When
- Wednesday, September 3.
- Where
- Caracas and Venezuelan oil fields, including the Orinoco Belt and Junín 5.
- Why
- Supporters say the deals will bring capital, technology, jobs, public services, and infrastructure investment; critics object to the level of US control over Venezuela’s resources.
Critics and Sovereignty Concerns
US and Venezuelan Government Defense
Control of oil resources
Critics and Sovereignty Concerns
Critics accuse the United States of coercing Venezuela and taking control of its oil after US forces removed former President Nicolás Maduro in a raid.
US and Venezuelan Government Defense
Chris Wright rejected claims that Washington is stealing Venezuelan oil, saying the United States is providing technology and capital to develop idle resources.
Venezuelan sovereignty
Critics and Sovereignty Concerns
Opponents argue that the agreements undermine Venezuela’s sovereignty and give foreign interests excessive influence over national assets.
US and Venezuelan Government Defense
Delcy Rodríguez denied surrendering state assets and said the partnerships are needed to secure critical investment for jobs, public services, and infrastructure.
NABEP partnership
Critics and Sovereignty Concerns
The arrangement has drawn scrutiny because businessman Alejandro Betancourt has been linked to a past PDVSA corruption scandal.
US and Venezuelan Government Defense
Wright defended the US acquisition of a 35% stake in North American Blue Energy Partners, citing the company’s production record.
- Oil reserves involved
- 65 billion barrels of Venezuelan oil reserves
- Deal value
- Tens of billions of dollars
- Chevron project
- A $7 billion Orinoco Belt project expected to more than double output within five years
- Venezuelan projected profit
- Delcy Rodríguez said the partnerships could generate $209 billion in national profit over 25 years
- Production target
- Chris Wright projected Venezuelan oil production would exceed 2 million barrels per day by the end of the decade
- NABEP stake
- The US government is acquiring a 35% stake in North American Blue Energy Partners
- Other agreements
- Eni received exclusive rights to the Junín 5 oil field, while GE Vernova will work on Venezuela’s power grid