US Energy Firms Sign Multi-Billion-Dollar Deals in Venezuela

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Caracas: US energy firms including Chevron and GE Vernova signed multi-billion-dollar deals with Venezuela after Washington secured majority control over 65 billion barrels of oil reserves. 

US Energy Secretary Chris Wright oversaw the signing in Caracas, framing the massive investment as pivotal for regional stability.

Under the agreements, Chevron will invest $7 billion to expand its Orinoco Belt output, GE Vernova will repair the nation's damaged electricity grid, and Italian firm ENI secured rights to explore the Junin 5 field. 

The US government is also acquiring a 35 percent stake in private producer NABEP.

Interim leader Delcy Rodriguez defended the concessions, projecting $209 billion in revenue over 25 years to fund public services, hospitals, and schools. US officials target doubling Venezuelan oil production to two million barrels per day by the decade's end.

Despite promises of economic recovery, the accords have sparked severe criticism over national sovereignty. 

President Donald Trump and Rodriguez both rejected calls for rapid presidential elections, maintaining that Venezuela remains unprepared for a democratic vote following Nicolas Maduro's removal.