US’s Chevron, Italy’s Eni to expand oil projects in Venezuela

Chevron and several other global energy companies have signed multibillion-dollar deals to boost Venezuela’s oil output at a ceremony in Caracas, overseen by interim President Delcy Rodriguez and United States Energy Secretary Chris Wright.The deals on Wednesday are separate from a recently unveiled Caracas-Washington agreement that gives the US access to 17 Venezuelan oilfields, representing about a fifth of the country’s total reserves.Recommended Stories list of 3 itemslist 1 of 3Delcy Rodriguez says Venezuela ‘retains sovereignty’ despite US oil deallist 2 of 3What are the implications of the US-Venezuela oil deal?list 3 of 3White House unveils more details of Trump’s Venezuela oil dealend of listMost of the new contracts relate to project expansions that have been under negotiation with Venezuela’s Oil Ministry and ⁠state oil company PDVSA since a sweeping oil reform approved in January following the US’s abduction of former President Nicolas Maduro.Wright, who had travelled to Caracas to oversee the signing ceremony, said the deals signed by Venezuela with the US’s Chevron and GE Vernova, as well as Italy’s Eni, were “critical in starting this ball rolling of peace, opportuni...