US Energy Secretary arrived in La Guaira on Wednesday to sign a set of final agreements granting American and allied firms control over much of Venezuela’s oil reserves. The signing follows weeks of negotiations between Washington and Caracas over access to the world’s largest proven crude deposits.
Chevron, India’s ONGC and power-equipment maker GE Vernova are on track to sign final pacts under the arrangement, according to people familiar with the talks. The companies are expected to formalize their participation as sanctions relief clears the way for renewed investment.
President Donald Trump said separately that Exxon Mobil would also enter Venezuela as oil investment ramps up. The president has described the wider arrangement as giving the United States a stake in roughly 65 billion barrels of Venezuelan crude.
The deals build on an earlier framework that gave Washington influence over 65 billion barrels and included a defense-linked equity stake in the country’s state oil operations. Those terms drew opposition from Venezuelan political figures who called the plan a predatory grab of national resources.
Venezuela holds the largest proven oil reserves on the planet, though output has fallen sharply over the past decade under sanctions, underinvestment and technical decline. The involvement of GE Vernova points to expected work on power and energy infrastructure alongside upstream production.
The arrival of a cabinet-level US official for the signing reflects the scale of the commitments now being finalized. The presence of Chevron and Exxon Mobil places two of the largest American producers back into a market they had largely exited under previous sanctions regimes.
Critics within Venezuela and abroad have questioned the terms and the degree of foreign control involved. Supporters argue the capital and technology are needed to revive a collapsed production base.
The final agreements are due to be signed during the energy secretary’s visit to Venezuela.