Venezuela signs oil agreements with US, including projects with Chevron
On Wednesday, Venezuela signed a series of oil cooperation agreements with the United States following a meeting between acting President Delcy Rodríguez and US Energy Secretary Chris Wright in Caracas. The signing ceremony took place during Wright's visit, who arrived in Caracas on Tuesday. The agreements cover oil production expansion projects between the Venezuelan government and transnational companies, including US based Chevron.
The expansion of operations in new oil exploration areas is part of the projects linked to Chevron. The improvements support the joint venture's plans to invest more than $7 billion in Venezuela over the next five years, which would more than double production to approximately 600,000 barrels per day compared with 2026, the company said.
When two countries whose relations were recently on the brink of rupture sign multi billion dollar oil contracts, it changes not only the economic landscape but the entire geopolitical architecture of the region. Venezuela, with the world's largest proven oil reserves, and the United States, still the largest energy consumer, have found common ground. But behind these agreements lie not just barrels and investments — they represent a compromise, where each side has given up some of its former principles. The question is whether this deal will become the start of a long term partnership or merely a tactical move in a high stakes game.
US President Donald Trump said in a social media post that the US had reached an oil deal with Venezuela, securing "control of the controlling stake" of more than 65 billion barrels of the country's proven oil reserves. Rodríguez said the oil agreement with the United States is for 25 years and aims to increase oil production to 1.5 million barrels per day, while affirming the country's control over its natural resources.
On 3 January, US forces launched a large scale operation against Venezuela and forcibly captured President Nicolás Maduro and his wife, taking them to New York. On 29 January, Rodríguez announced the approval of a partial reform of the country's hydrocarbons law, which would allow for expanded private sector participation in the oil industry. Venezuela holds the world's largest proven oil reserves.
The agreement with Chevron marked an important step in normalising relations between Caracas and Washington. It includes not only increased production but also the modernisation of Venezuela's oil infrastructure, which has suffered for decades from underinvestment and sanctions. However, critics point out that the deal could lead to greater dependence on US corporations and weaken state control over resources. In response, Rodríguez stressed that Venezuela retains sovereignty over its reserves. The agreement became possible after the change of power in Venezuela and the partial lifting of US sanctions.
As CCTV+ reports, the signing of oil agreements between Venezuela and the US marks a turning point in bilateral relations. For Venezuela, it is a chance to attract investment and revive its oil industry; for the US, it is a way to strengthen energy security and reduce dependence on other suppliers. However, the long term consequences of the deal will depend on whether the parties can uphold their commitments and how sustainable this partnership proves to be in a shifting geopolitical landscape.
