US Energy Secretary’s Trip to Venezuela: Expansion of Chevron Operations
Mariam Ashalem De Andres
02 September 2026
US Energy Secretary Chris Wright is set to travel to Venezuela, where Chevron is anticipated to announce an expansion of its operations, as stated by Secretary of State Marco Rubio. During a press call, Rubio indicated that there have been several small- to mid-sized deals recently, with more expected to follow.
This expansion aims to boost Chevron’s production capacity in Venezuela amidst efforts by the Trump administration to encourage US private-sector investment in the Venezuelan oil industry. The announcement arrives on the heels of a significant oil agreement between the Trump administration and North American Blue Energy Partners (NABEP), covering 17 oil fields with an impressive 65 billion barrels of proven reserves.
Rubio noted that Venezuela possesses roughly double that amount in proven reserves outside the fields involved in the NABEP deal, highlighting the country’s potential for attracting further investments. He contrasted the new arrangements with past oil deals under former President Nicolas Maduro, pointing out that Cuba received significant quantities of Venezuelan oil for free or at significantly subsidized prices, while China benefitted from discounts against Brent prices. Additionally, Rubio reported that Russia took Venezuelan oil as repayment for outstanding debts.
The state oil company PDVSA has reportedly held over $21 billion in unpaid receivables, which Rubio attributes to previous giveaway agreements. The new deals aim to ensure that oil revenues directly benefit Venezuela instead of foreign governments or individuals linked to the prior regime.
According to the Trump administration, NABEP intends to invest up to $100 billion in new oil infrastructure in Venezuela, granting the US a 35% equity stake in the parent company. Washington’s strategy includes restoring Venezuela’s oil production levels while diminishing the influence of China and Russia in the sector.
The overarching goal is not only to rejuvenate the oil industry but also to foster a stable and democratic Venezuela, with Rubio underscoring the link between economic recovery and essential political changes. This marks a deepening of US involvement in Venezuela’s energy sector following years of declining production and underinvestment.
