Chevron and Eni pledge expansion of Venezuelan oil projects

U.S. Chevron, Italy’s Eni and several other foreign energy firms signed agreements on Wednesday to expand oil‑production projects in Venezuela, a move aimed at increasing the country’s output amid a prolonged economic downturn. The ceremony took place in Caracas and was overseen by interim President Delcy Rodríguez and U.S. Energy Secretary Chris Wright, with reporting by France 24’s Maya Yataghene. The commitments include new drilling initiatives, upgrades to existing facilities and the development of infrastructure to transport crude, signaling renewed foreign investment despite ongoing sanctions and political uncertainty.

The announced expansions are expected to add several hundred thousand barrels per day to Venezuela’s oil production, bolstering state revenues and potentially stabilizing the national energy sector. Officials highlighted that the partnerships will adhere to international regulations while fostering technology transfer and job creation. The agreements mark a significant step toward revitalizing the country’s once‑dominant oil industry and are being monitored by both regional stakeholders and global markets.