Chevron and Eni pledge $7 billion to double Venezuela oil output

In early September 2026, US oil giant Chevron and Italy's Eni signed agreements with Venezuela's state oil company PDVSA to significantly expand operations in the country. Chevron has pledged $7 billion to double its production, including work at the Junin-5 field, while Eni has also committed to new projects. The deals come under the watch of the US government, which has granted access to Venezuela's vast reserves amid energy concerns tied to the Iran war.