US and Venezuela announce landmark oil field development pact
Venezuela and the US announced energy deals to develop new oil fields, with officials calling it a historic win for both nations.
The United States and Venezuela have unveiled a series of energy agreements aimed at developing new oil fields, a move officials from both countries described as a significant step in bilateral ties and the revival of Venezuela's hydrocarbon sector.
Announcing the pact in Caracas on Wednesday, Venezuela's acting president, Delcy Rodríguez, called the occasion historic, noting that the country had not pursued such greenfield projects in decades. She highlighted the involvement of established international partners, including US energy giant Chevron, which has operated in Venezuela for over a century, and Italian firm Eni, present for more than three decades.
US Energy Secretary Chris Wright framed the agreement as a "massive win" for both nations. He said the deal would channel capital and technology into extracting resources that are currently untapped, improving living standards in Venezuela while strengthening energy supplies for American consumers.
Wright also underscored the role of private enterprise, pointing to the joint operations between Chevron and NABEP, a Venezuelan firm led by businessman Alejandro Betancourt. He expressed a desire to collaborate with Venezuela's private sector to boost domestic production and attract foreign investment.