CARACAS – Venezuela's Acting President Delcy Rodriguez signed trade agreements and contracts with Italian company Eni and US company Chevron on Wednesday.

The agreements with Chevron include the expansion of operations into new oil exploration areas. The enhancements underpin joint venture plans to invest over $7 billion in Venezuela over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026, the company said in a statement.

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New oil and gas operations are included in the agreements with Eni, whose CEO, Claudio Descalzi, noted the deal "marks a milestone in launching a new historic phase of growth and renewed confidence in Venezuela's energy future."

On the Venezuelan side, the agreements and contracts were signed by state-owned oil company Petroleos de Venezuela S.A., the National Electric Corporation, and the Ministry of Hydrocarbons.

Regarding the execution schedule with Eni, the parties agreed to submit the formal development plan during October and to start the first operational phase in December.

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The signing ceremony was held during the visit by US Secretary of Energy Chris Wright, who arrived in Caracas on Tuesday.

On Jan 3, US military forces launched a large-scale strike against Venezuela and forcibly seized Venezuelan president Nicolas Maduro and his wife before transporting them to New York.

On Jan 29, Rodriguez announced the approval of a partial reform of the country's hydrocarbons law to allow greater private participation in the oil sector.

Venezuela has the world's largest proven oil reserves.