Critics question legality of Venezuela oil deals

Chevron is the largest foreign oil operator in Venezuela. The deal will expand its footprint at a time of political and economic uncertainty for Venezuela.

US oil giant Chevron, Italy's ENI and GE Vernova signed deals worth "tens of billions of dollars" with Venezuela, US Energy Secretary Chris Wright said Wednesday during a trip to Caracas where he and Interim President Delcy Rodriguez finalised the agreements.

Energy firms sign deals in Caracas, days after Venezuela agreed to grant the US control of a fifth of its oil reserves.

Chevron's $7 billion Venezuela bet deepens U.S. ties to the country's oil industry. Critics say the deal poses risks to democracy and could fuel discontent over Washington's embrace of the government.

Critics call the US multi-billion-dollar oil deal in Venezuela modern-day colonialism.