Venezuela announces major oil deals including contracts with Chevron

Venezuela's Acting President Delcy Rodriguez announces sweeping oil agreements signed with the US that are set for a 25-year term after meeting with the US energy chief in Caracas.

Wednesday's news conference helmed by Venezuela's interim president alongside US Secretary of Energy Chris Wright serves as a victory lap for Washington eager to showcase the economic spoils of its aggressive foreign policy.

In her remarks, Rodriguez calls it a "historic" day and takes the opportunity to hail a series of energy agreements for the development of new oil fields known as "green fields," projects that Venezuela hasn't taken in decades.

She says they are doing so hand in hand with major multinational allies to develop hydrocarbons industry for the benefit of Venezuelans.

This as US-based Chevron says it has been assigned additional acreage in the Orinoco Belt and unveiled a 7-billion-US-dollar, five-year investment plan designed to more than double its current production to about 600,000 barrels a day.

Italy's Eni also signed long-term oil exploration contracts.

While many within and outside of Venezuela say the deal is nothing more than "gunpoint diplomacy," Wright says the agreements will allow the injection of technology and funds to extract underground resources and underscores partnership with private industry in Venezuela is meant to grow homegrown production and draw capital from abroad.

He says: "This is a deal that's a massive win and benefit for the people of the United States of America, and a massive win for the people of Venezuela."

"Because what it's going to do is take resources that are underground-not helping anyone-and invest capital, money, and technology and bring them to the surface to better the lives of Venezuelans and better supply energy to Americans."

The White House has announced earlier this week that it is jointly working with Venezuelan firm NABEP, owned by North American Blue Energy Partners, as part of President Donald Trump 's push to tap into the South American nation's oil industry.

Trump also signals his administration will prioritise stablising Venezuela's chaotic economy months after its former President Nicolas Maduro was deposed early January, before pressing for a transition to civilian rule.

Asked in the Oval Office about the possibility of Venezuela holding elections now, Trump replies that he doesn't think they are ready yet although Rodriguez also backs eventually holding elections.

"We took them out of a dictatorship and we're getting along great with the government. We want that. And they want that. Delcy wants it, but they're not ready yet. We look forward to doing it, and soon," Trump says.