Caracas: US' Chevron, Italy's Eni 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 US Energy Secretary Chris Wright.
The deals are separate from a controversial Caracas-Washington deal recently unveiled that gives the US access to 17 oil fields. 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 represent the latest effort by private companies with a long-standing presence in Venezuela to help the country revive its struggling oil industry, which currently produces about 1.25 million barrels per day (bpd), far short of its 3 million bpd peak reached in the late 1990s.
Most oil majors have eschewed major investment in the country for years, retreating after a 2007 nationalization. The industry has also faltered due to lack of investment, mismanagement and sanctions imposed by the US, which is now spearheading a $100 billion investment plan that officials claim will double Venezuela's output in coming years.