Chevron, Eni commit to expand oil projects in Venezuela under US eye
CVX•Chevron, Eni and other producers sign expansion deals in Caracas
U.S.' Chevron CVX.N, Italy's Eni ENI.MI and other foreign energy producers committed on Wednesday to major project expansions to boost oil output in Venezuela, in a signing ceremony in Caracas overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright.
The deals are separate from a controversial Caracas-Washington deal recently unveiled that gives the U.S. access to 17 oilfields. Most of the pacts announced on Wednesday relate to project expansions that have been in negotiation with Venezuela's oil ministry and state oil company PDVSA as part of the migration of dozens of energy contracts to new terms under a sweeping oil reform approved in January.
Still, the signings represents the latest effort by private companies with a longstanding presence in Venezuela to help the country revive its struggling oil industry, which currently produces about 1.25 million barrels per day, far short of its 3 million bpd peak reached in the late 1990s.
