&imwidth=800&imheight=600&format=webp&quality=medium "Energy boom: US firms secure historic multibillion-dollar Venezuelan crude deals")
Energy firms signed a raft of multi-billion-dollar deals with Venezuela on Wednesday (Sep 3) following an agreement granting the United States majority control of 65 billion barrels of the country's oil reserves. US Energy Secretary Chris Wright travelled to Caracas to oversee the contracts, which are valued at "tens of billions of dollars". Wright characterised the agreements with Chevron, GE Vernova, and Italy's ENI as "critical in starting this ball rolling of peace, opportunity, and prosperity". President Donald Trump praised the broader pact as the "biggest oil deal in world history" as Republicans prepare for competitive November midterm elections driven by rising domestic fuel and living costs.
The agreements have prompted fierce criticism regarding Venezuelan sovereignty. Detractors accuse Trump of coercing the nation after US forces removed former President Nicolás Maduro in a raid and warned interim leader Delcy Rodríguez to comply. Wright rejected allegations that Washington is "stealing Venezuelan oil," asserting that the US is deploying technology and capital to develop idle resources. Rodríguez similarly denied surrendering state assets, arguing the partnerships are necessary to secure critical investment that will yield $209 billion in national profit over 25 years and fund jobs, public services, and infrastructure.
Also read: Venezuela interim leader details phone call with US’ Marco Rubio following deadly twin quakes
The multi-company deals allow foreign firms to expand their local footprint significantly. Chevron expects its $7 billion project in the Orinoco Belt to more than double output within five years, while ENI secured exclusive rights to the Junín 5 oil field. GE Vernova will work to repair Venezuela's fragile power grid. Wright projected national oil production would exceed 2 million barrels daily by the end of the decade.
Scrutiny has also focused on Venezuelan businessman Alejandro Betancourt, who has been linked to a past PDVSA corruption scandal. His firm, North American Blue Energy Partners (NABEP), is the second-largest private producer in Venezuela, and the U.S. government is acquiring a 35 per cent stake under the new terms. Wright defended the arrangement, citing NABEP's proven production record.
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The pivot marks a complete reversal of the anti-imperialist, nationalised energy policies established by late socialist leader Hugo Chávez. Concerns linger that Washington is entrenching former Maduro loyalists without pressing for rapid democratic reform. Both Trump and Rodríguez dismissed calls for immediate elections, stating the country is "not ready yet" following the recent shift in power.
