US oversees signing of ‘billions’ in deals between Venezuela and Chevron, ENI, GE

US Energy Secretary Chris Wright on Wednesday oversaw the signing of deals worth "tens of billions of dollars" between Venezuela and oil majors, Chevron and ENI, as well as with energy company, GE Vernova.

Speaking alongside Interim President Delcy Rodriguez, Wright said the eight deals signed represented "tens of billions of dollars of investment" and were "critical in starting this ball rolling of peace, opportunity, and prosperity" for Venezuelans.

He added that ramping up energy production was "the catalyst for transforming Venezuela" and for "improving the life conditions of Americans, the hemisphere and everyone in the world."

Echoing US President Donald Trump, he referred to Latin America as "our neighbourhood."

Wright's visit had been expected to focus on finalising a controversial oil deal granting the United States control of about one-fifth of Venezuela's huge reserves.

But Rodriguez suggested that deal had already been concluded on August 28, the day it was announced by Trump with great fanfare.

The Republican leader had billed the deal giving the United States a chunk of Venezuela's oil wealth as the "biggest oil deal in world history."

Rodriguez said Wednesday she hoped that "the major agreement signed on August 28 between Venezuela and the United States for the production of 65 billion barrels of oil currently in reserve" would "translate into benefits for the people of the United States."

The deals signed at the Miraflores Presidential Palace will see US company Chevron and Italy's ENI ramp up their operations in Venezuela.

Chevron had earlier valued its deal to develop two additional oil fields in Venezuela's Orinoco Belt at $7 billion and said it expected to more than double output in five years.

ENI said it had gained exclusive rights to explore the giant Junin 5 oil field.

US energy company GE Vernova – an offshoot of General Electric – meanwhile will help revitalise Venezuela's battered electricity sector.

(FRANCE 24 with AFP)