The Trump administration says new energy agreements with Chevron, Eni, and GE Vernova will drive major investment in Venezuela’s oil industry and electric grid. The US Department of Energy reports that the agreements are expected to attract billions of dollars in private investment, expand oil production, and modernize Venezuela’s power infrastructure, with the administration projecting that the country’s oil output could double in less than five years.
Chevron plans to invest more than $7 billion over five years and more than double its Venezuelan production to 600,000 barrels per day. Eni signed a 25-year agreement to develop the Junín 5 oil field, which contains approximately 35 billion barrels of certified oil in place, with development supporting a goal of producing more than 1 million barrels per day by 2031.
GE Vernova will focus on rebuilding Venezuela’s electricity system, with plans to add 1 gigawatt of reliable power within 24 months and another 5 gigawatts over the following four years. The administration says the combined investments will increase energy supplies, strengthen Venezuela’s infrastructure, and put downward pressure on global energy prices while advancing U.S. energy security.
