Oil move from Venezuela: New agreements with Chevron and Eni
Venezuela has signed new contracts with Chevron and Eni to expand its energy sector.
The Venezuelan government has signed new agreements expanding the scope of existing partnerships with the US-based Chevron and the Italian Eni in order to attract investment to the energy sector and increase oil production.
Scope of Agreements and New Contracts
Within the scope of the agreements signed by the state oil company PDVSA, new steps were taken regarding the operation of oil fields, increasing production, and strengthening energy infrastructure.
The Venezuelan government and US oil company Chevron aligned the contracts of the joint venture companies Petroboscan, Petropiar, and Petroindependencia, operated with PDVSA, with the new hydrocarbon law that entered into force in January.
International Statements and Targets
US Energy Secretary Chris Wright described the process as a historic day following the agreements made in the oil and energy fields between the Venezuelan government and US companies such as Chevron and GE Vernova.
Chevron aims to increase its investments in Venezuela to $7 billion over the next 5 years and more than double its oil production capacity.