Note: Single-source report; awaiting corroboration.
On September 2, 2026, Chevron, Eni, GE Vernova, and Venezuela signed a series of energy agreements to increase oil production and modernize the electric grid, overseen by Secretary Wright.
These agreements follow a binational deal announced on August 28, granting U.S. majority control over approximately 65 billion barrels of proven Venezuelan oil reserves, supporting U.S. energy leadership in the coming decades.
Chevron will invest over $7 billion in five years to expand output to 600,000 barrels per day by developing the Orinoco Belt, specifically the Carabobo 1 and Carabobo-2-South-A areas through the Petroindependencia joint venture, with production costs under $20 per barrel.
Eni and PDVSA signed a 25-year contract granting Eni exclusive operation of the Junín 5 oil field, one of Venezuela’s largest, supporting long-term development and production.
These efforts are expected to double Venezuela’s oil output within five years, introduce affordable energy to markets, reduce global energy prices, and foster economic opportunities for both countries.