US Energy Secretary Chris Wright to Visit Venezuela Amid Chevron Expansion Plans
Date: 02 September 2026
US Energy Secretary Chris Wright is set to travel to Venezuela shortly, where Chevron is anticipated to announce an expansion of its operations in the country, as stated by Secretary of State Marco Rubio on Tuesday.
Rubio noted that several small- to mid-sized deals have been announced recently, with expectations that more are in the pipeline.
This expansion aims to enhance Chevron’s productive capacity in Venezuela, aligning with the Trump administration’s efforts to attract US private-sector investment into the Venezuelan oil industry.
The news follows a significant oil agreement revealed by the Trump administration with North American Blue Energy Partners (NABEP), which includes 17 oil fields containing 65 billion barrels of proven reserves. Rubio indicated that Venezuela possesses approximately double that in proven reserves beyond these fields and emphasized the country’s potential for attracting further investment due to additional oil resources.
Contrasting current developments with past arrangements under former President Nicolas Maduro, Rubio highlighted that Cuba received between $40 billion and $64 billion worth of Venezuelan oil at little or no cost, while China benefited from discounts of up to $21 per barrel. Furthermore, he remarked that Russia received Venezuelan oil as repayment for debts owed by Caracas.
Rubio also stated that Venezuela’s state oil company PDVSA has over $21 billion in uncollected receivables, which he attributed to oil giveaways under previous agreements. The current initiatives aim to ensure that oil revenues support Venezuela rather than foreign interests linked to past regimes.
The Trump administration has indicated that NABEP may invest up to $100 billion in new oil infrastructure in Venezuela, with the agreement securing a 35% equity stake in the company’s parent entity for the US.
Washington is focusing on revitalizing Venezuela’s oil production while simultaneously curbing the influence of countries like China and Russia in the sector. Additionally, the administration aims to promote a stable and democratic Venezuela, suggesting that economic recovery is interlinked with significant political and institutional reforms.
These developments mark a significant deepening of US involvement in Venezuela’s energy sector, which has faced challenges due to declining production and underinvestment in recent years.
