Venezuela signed multiple oil cooperation agreements with the United States on Wednesday after acting President Delcy Rodriguez met visiting U.S. Secretary of Energy Chris Wright in Caracas.
The signing ceremony took place during Wright's visit, who arrived in Caracas on Tuesday.
The agreements cover oil expansion projects between the Venezuelan government and multinational companies, including U.S.-based Chevron.
Expanding operations into new oil exploration areas is part of the Chevron-related projects. The enhancements underpin joint venture plans to invest over seven billion U.S. dollars in Venezuela over the next five years, more than doubling production to approximately 600,000 barrels a day compared with 2026, the company said in a statement.
U.S. President Donald Trump said in a social media post that the U.S. has reached an oil deal with Venezuela, securing "majority control" over more than 65 billion barrels of the country's proven oil reserves.
Rodriguez stated that the oil deal with the United States is set for a 25-year term, with the aim of boosting crude output to 1.5 million barrels a day while reaffirming the country's control over its natural resources.
On Jan 3, U.S. military forces launched a large-scale strike against Venezuela and forcibly seized Venezuelan President Nicolas Maduro and his wife before transporting them to New York.
On Jan 29, Rodriguez announced the approval of a partial reform of the country's hydrocarbons law to allow greater private participation in the oil sector.
Venezuela has the world's largest proven oil reserves.
Venezuela, US ink oil cooperation agreements
