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Thursday, September 3, 2026 · UTC
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US Energy Secretary Wright Signs Major Oil and Power Deals in Venezuela

US Energy Secretary Chris Wright signed historic oil and electricity contracts with Venezuela, backed by President Trump.

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As of 2026-09-03 02:24 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.
US Energy Secretary Chris Wright concluded a two-day visit to Caracas on Wednesday to sign new contracts with US and Italian companies under a historic oil agreement between Caracas and Washington. [1] Wright witnessed the signing of agreements between the Venezuelan government and oil companies Chevron and Eni, as well as the electric utility General Electric (GE) Vernova, to increase oil production and improve the country's weakened electrical system. [2] Petróleos de Venezuela (PDVSA) signed a strategic alliance with General Electric (GE) Vernova to recover the electrical infrastructure of the country's oil industry. [3] Chevron announced it will expand operations in Venezuela to invest $7 billion over the next five years and double its production in the country. [4] Rodríguez defended the macro-agreement with the US, stating she expects the production of 65 billion barrels of crude oil in reserves across 17 fields to benefit both nations. [5] GE Vernova also signed an agreement with the state corporation Corporación Eléctrica Nacional (Corpoelec) to boost several projects related to strengthening the national Venezuelan electrical system. [6] The signing ceremony took place at the Miraflores Palace in Caracas, attended by Venezuelan President Delcy Rodríguez and US Energy Secretary Chris Wright. [7] Venezuela has suffered electricity supply failures for years, particularly in regions far from Caracas, with the government blaming foreign sanctions and opponents citing corruption and lack of maintenance. [8]
What this stands on
  1. US Energy Secretary Chris Wright concluded a two-day visit to Caracas on Wednesday to sign new contracts with US and Italian companies under a historic oil agreement between Caracas and Washington. · López-Dóriga Digital
  2. Wright witnessed the signing of agreements between the Venezuelan government and oil companies Chevron and Eni, as well as the electric utility General Electric (GE) Vernova, to increase oil production and improve the country's weakened electrical system. · López-Dóriga Digital
  3. Petróleos de Venezuela (PDVSA) signed a strategic alliance with General Electric (GE) Vernova to recover the electrical infrastructure of the country's oil industry. · El Universal
  4. Chevron announced it will expand operations in Venezuela to invest $7 billion over the next five years and double its production in the country. · López-Dóriga Digital
  5. Rodríguez defended the macro-agreement with the US, stating she expects the production of 65 billion barrels of crude oil in reserves across 17 fields to benefit both nations. · López-Dóriga Digital
  6. GE Vernova also signed an agreement with the state corporation Corporación Eléctrica Nacional (Corpoelec) to boost several projects related to strengthening the national Venezuelan electrical system. · El Universal
  7. The signing ceremony took place at the Miraflores Palace in Caracas, attended by Venezuelan President Delcy Rodríguez and US Energy Secretary Chris Wright. · El Universal
  8. Venezuela has suffered electricity supply failures for years, particularly in regions far from Caracas, with the government blaming foreign sanctions and opponents citing corruption and lack of maintenance. · El Universal
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