In a significant step for U.S. energy policy, President Donald Trump told reporters on Monday that American oil majors Exxon Mobil and Chevron are among the companies committed to invest in Venezuela. The announcement comes as a group of multinational firms—including Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark—prepare to sign final agreements with the Venezuelan government.
Negotiations nearing completion
Five sources close to the negotiations said the companies are on track to finalize contracts within days. Most of the pacts involve a six‑month migration of oil contracts to an amended hydrocarbon law that gives foreign firms greater flexibility to develop oilfields, export barrels and repatriate cash proceeds. Additional agreements set terms for new energy and electricity projects.
Chevron’s deals are expected to be “of significant size,” according to one source. The company is seeking to add a block in the vast Orinoco Belt to its portfolio, which would expand a joint venture with state‑run PDVSA. Chevron also aims to negotiate a tract in Monagas North that could become a key source of diluents for its extra‑heavy oil output.
Other foreign partners
India’s ONGC and Italy’s Eni are also moving forward. Eni, which shares the large Perla offshore gas project with Spain’s Repsol, said it is working with Venezuelan counterparties to support the revitalization of the country’s energy sector. GeoPark, a Colombian firm, has progressed in talks for the Bare heavy oilfield in the Orinoco, potentially gaining access to up to one billion barrels of reserves.
GE Vernova, the newly formed clean‑energy arm of General Electric, is among the firms preparing to sign, signaling interest in Venezuela’s electricity infrastructure as the nation seeks to modernize its grid.
Broader U.S.‑Venezuela energy pact
The individual agreements are separate from a larger Caracas‑Washington pact announced last week, in which the United States secured a stake in 17 oilfields containing roughly 64 billion barrels of proved reserves—about one‑fifth of Venezuela’s total crude reserves. The fields, located in the Orinoco Belt and Lake Maracaibo, are projected to produce up to 1.5 million barrels per day in the long term, more than doubling Venezuela’s current output of 1.25 million barrels per day.
U.S. Vice President JD Vance told reporters that production from Venezuela has already risen significantly and that the added reserves help stabilize global oil prices. “They’re (oil prices) sort of much more stable in part because what we see coming out of Venezuela,” Vance said.
Implications for American families
By facilitating U.S. investment in Venezuelan oil, the Trump administration aims to increase domestic energy supplies, lower fuel costs for American families, and reduce reliance on less stable foreign sources. The deals also promise job creation in the energy sector and reinforce America’s commitment to free‑market principles and energy independence.
Chevron, GE Vernova, ONGC, GeoPark, Venezuela’s oil ministry and PDVSA have not yet responded to requests for comment.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
