Acting president Delcy Rodríguez and state agencies signed agreements with U.S. company Chevron and Italy’s Eni that outline new exploration, development plans and a five-year investment pledge exceeding $7 billion.
Chevron and Venezuela agreed to expand exploration and joint-venture operations, with plans to invest over $7 billion in the next five years and raise production toward roughly 600,000 barrels per day compared with 2026.
Contracts were signed on behalf of Venezuela by PDVSA, the National Electric Corporation, and the Ministry of Hydrocarbons during a ceremony attended by U.S. Secretary of Energy Chris Wright.
# What happened On Wednesday, acting president Delcy Rodríguez signed trade agreements and contracts with U.S. oil major Chevron and Italy's Eni. The Venezuelan signatories were the state oil company Petroleos de Venezuela S.A. (PDVSA), the National Electric Corporation, and the Ministry of Hydrocarbons. The signing took place while U.S. Secretary of Energy Chris Wright was visiting Caracas.
# What the deals say Chevron's package covers expansion into new oil exploration areas and enhancements to existing joint-venture arrangements. Chevron stated its plans underpin joint-venture investments that exceed 7 billion U.S. dollars over the next five years and aim to more than double production to approximately 600,000 barrels per day compared to 2026.
Eni's agreement includes new oil and gas operations. Eni CEO Claudio Descalzi described the deal as a milestone for growth and renewed confidence in Venezuela's energy future. The parties agreed to submit a formal development plan in October, with the objective of starting the first operational phase in December.
# Timeline and execution
# Who signed and who benefits The Venezuelan side was represented by PDVSA, the National Electric Corporation, and the Ministry of Hydrocarbons. The companies are Chevron and Eni. The agreements open the door to greater private-sector activity in oil and gas development following a recent legal change.
# Political and legal context On Jan. 29, acting president Delcy Rodríguez announced approval of a partial reform of Venezuela's hydrocarbons law to allow greater private participation in the oil sector. The signing ceremony occurred during a high-profile U.S. visit by the Secretary of Energy.
# What this could change on the ground If the investment and production targets are implemented as described, Venezuela would see increased foreign-operated exploration and development activity and higher daily crude production compared with 2026 levels. The schedule with Eni sets a concrete near-term milestone (development plan in October, operational phase in December) that could accelerate project starts.
# What to watch next
# Bottom line Venezuela has signed agreements with Chevron and Eni that commit substantial near-term activity and planned investment. The deals are presented as a step toward increasing production and attracting private participation after partial legal reforms, with specific near-term deadlines attached to the Eni program.
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Venezuela firmó este miércoles 2 de septiembre de 2026 una batería de acuerdos con Chevron, la italiana Eni y General Electric Vernova, en los sectores petrolero y eléctrico, durante una visita a Caracas del secretario de Energía de Estados Unidos, Chris Wright. La ceremonia se realizó en el Palacio de Miraflores, con
Venezuelan Minister of Hydrocarbons Paula Henao plans to attend the signing ceremony
President of the Bolivarian Republic Delcy Rodriguez pointed out that the agreement contributes to "the country’s economic growth, the energy security of the hemisphere, and greater balance in international markets"
Energy firms sign deals in Caracas, days after Venezuela agreed to grant the US control of a fifth of its oil reserves.
The signing took place in the presence of the Acting President of the Bolivarian Republic of Venezuela, Delcy Rodr�guez, during the visit to the country by U.S. Secretary of Energy Chris Wright. It marks a fundamental step in the revival of Venezuela's energy sector. Eni will be responsible for the technical, fina
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