The US Secretary of Energy, Chris Wright, arrived in Caracas to participate in the formalization of a new expansion of Chevron and in the implementation of an energy macro-agreement that Washington describes as the largest oil pact in its history: an operation that provides for investments of up to 100 billion dollars, US access to tens of billions of barrels of Venezuelan reserves and a profound reconfiguration of the country's oil sector, although discrepancies persist between both Governments over the duration and exact scope of the agreement. agreement.

First modification: 09/02/2026 - 18:30 Last modification: 09/02/2026 - 19:05

An agreement of unprecedented dimensions. The Secretary of Energy of the United States, Chris Wright, heads the delegation in Caracas that closes a new stage in the energy rapprochement between Washington and Venezuela, just four days after both governments announced an oil agreement that Donald Trump has presented as the largest in the history of the United States.

Wright and his delegation were received after 8:30 p.m. local time at the Maiquetía international airport by the Venezuelan Minister of Hydrocarbons, Paula Henao, and the US chargé d'affaires in Caracas, John Barrett.

The immediate objective of the visit is the signing of a new contract with Chevron and the announcement of a substantial expansion of its operations in the Orinoco Oil Belt, one of the main producing areas of the country and depository of a considerable part of Venezuelan reserves.

“These investment agreements in Venezuela seek to bring peace, opportunities and prosperity to the people of Venezuela and the people of the United States,” Wright declared upon arrival.

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The visit constitutes the second trip of the US secretary to Venezuela. Last February, Wright met with the president in charge, Delcy Rodríguez, and toured with her the Chevron facilities in the Orinoco Belt, within the framework of a strategy aimed at building a long-term energy partnership between both countries.

Read alsoVenezuelan oil “at low cost”: ABC of the agreement that gives the US energy dominance for the “next century”

The details of the energy agreement

The details disclosed in recent days outline an operation of enormous magnitude. According to information released by the US Government, the agreement will allow the development of 17 oil fields that contain around 65 billion barrels of crude oil, an amount equivalent to approximately one fifth of Venezuelan reserves.

The Donald Trump Administration maintains that the project will guarantee Washington economic and governance rights over the new business structure in charge of operating these assets. The scheme contemplates the creation of a joint company with North American Blue Energy Partners (NABEP), a company controlled by Venezuelan businessman Alejandro Betancourt.

According to US information, the Department of Defense will obtain a 35% stake in the operator's parent company.

“This agreement secures our energy dominance for the next century”

Washington will also have veto power over certain appointments to the board of directors, the majority of which must be made up of US citizens. The agreement will be subject to the laws and courts of the United States.

The pact also contemplates a US right to acquire 20% of the production at cost price and a preferential acquisition right over a good part of the remaining volume.

The Trump Administration has described these conditions as a centerpiece of its strategy to regain American energy dominance. “This agreement secures our energy dominance for the next century,” said the State Department when disclosing the terms of the operation.

Read alsoWho is Alejandro Betancourt, the key piece of Trump's “largest oil agreement” in Venezuela?

Duration, one of the points of controversy

One of the aspects that still presents divergent versions is the duration of the agreement.

Washington has described the operation as a project with effects for a century, while Rodríguez has stated that the agreement signed between Caracas and Washington will be valid for 25 years and aims to achieve production of more than 1.5 million barrels per day.

The difference is not minor. A concession or contractual structure with a horizon of 100 years would mean compromising the exploitation and economic conditions of a significant part of Venezuelan resources for several generations. A term of 25 years, on the other hand, would place the project within a time frame much closer to that of large international oil exploitation contracts.

The discrepancy also reflects the different political narratives with which Washington and Caracas have presented the agreement: for the White House, it is about guaranteeing American energy security for decades. For the Venezuelan Government, to attract capital to rebuild a devastated industry and increase national production.

Also read EE. The US negotiates long-term access to Venezuelan oil: what does the hydrocarbon law say?

Chevron, centerpiece of the new stage

In this new scenario, Chevron occupies a privileged position. The American oil company already maintains operations in Venezuela and is preparing to announce a significant expansion of its activity.

The company was one of the few Western oil majors that maintained an operational presence in the country during the years of US sanctions, under a regime of specific authorizations. Its expansion could make it one of the main instruments of Washington's new energy policy towards Caracas.

The Orinoco Oil Belt, where a good part of the new projects are concentrated, constitutes the heart of that strategy. Venezuela has, according to its own authorities, some 303,806 million barrels of proven reserves, the largest figure in the world.

But having the largest reserves has not translated into proportional production. The Venezuelan oil industry suffered for years from investment, maintenance, infrastructure and management problems, aggravated by international sanctions and the deterioration of facilities.

Rodríguez now assures that Venezuela produces 1.23 million barrels per day, the highest level since February 2019. The figure is still, however, far from the 3.1 million barrels per day that the country produced in 1998, before Chavismo came to power.

Read alsoRafael Ramírez: "Venezuela is suffering the greatest looting in its history"

The transformation of the Venezuelan oil model

The agreement comes after a profound transformation of Venezuelan legislation. Caracas reformed the Organic Hydrocarbons Law this year to facilitate the participation of private and foreign capital and reduce the direct control of the State over oil activity.

Rodríguez maintains that since then around fifty agreements have been signed to attract investments to more than 76 hydrocarbon productive areas.

For reform advocates, change is essential to recover an industry that requires enormous amounts of capital and technology. For its critics, it represents a break with one of the pillars of the oil model built during the governments of Hugo Chávez.

The discussion takes on an additional dimension due to the political context in which these decisions have been adopted. The new energy scheme is being developed under a transitional Venezuelan Government whose legitimacy and capacity to commit national resources for extraordinarily long periods are questioned by sectors of the opposition.

Read alsoFrom Chavismo to the opposition: this is how Caracas reacts to the oil pact with the US.

Economic benefits vs. sovereignty risks

The announced financial magnitude is one of Caracas' main arguments to defend the pact. The project includes investments of up to 100 billion dollars aimed at rebuilding and expanding Venezuelan oil infrastructure. The Government also projects income from royalties and taxes that could reach $209.3 billion over the life of the project.

However, critics and analysts have questioned the distribution of those benefits. Their calculations maintain that Venezuela could obtain a remuneration per barrel significantly lower than what it would receive under the conventional Venezuelan oil regime.

The central criticism is not limited to money. It also points to sovereignty over natural resources and the possibility that commitments made over decades limit the room for maneuver of future governments.

Sectors linked to María Corina Machado and the economist Ricardo Hausmann have questioned the agreement precisely for that reason and for the institutional conditions under which it was signed.

Read alsoYears of exploitation and oil “at cost”: the US reveals details of the agreement with Venezuela

Trump's energy strategy: a new balance against China and Russia

The Venezuelan turn also alters the geopolitical balance that had been consolidated during the years of isolation of Caracas.

China became one of the main buyers and investors in the Venezuelan oil industry as US sanctions restricted the country's access to Western markets. Russia also acquired a relevant presence in certain projects.

Part of the fields included in the new agreement had previously been managed by Chinese or Russian companies. According to US officials cited by Reuters, others were related to businessmen linked to the environment of the former Government of Nicolás Maduro.

The massive return of American capital may therefore displace some of the influence that Beijing and Moscow built in Venezuela for more than a decade.

For Washington, the operation has a dimension that goes far beyond Venezuela. The Trump Administration seeks to strengthen US energy supply and reduce its vulnerability to disruptions in international markets. In this context, preferential access to Venezuelan oil acquires strategic value.

The agreement would also allow the United States to participate directly in the reconstruction of the oil industry of a country that has the largest known reserves of crude oil on the planet.

For Caracas, on the other hand, the association represents a way to recover production, attract technology and capital and obtain decisive political support from the White House.

Wright's arrival in Caracas thus symbolizes an extraordinary transformation in relations between both countries. The United States and Venezuela broke diplomatic relations in 2019 and reestablished them last March. In just a few months, former adversaries have come to negotiate one of the largest energy operations in contemporary history.

The final result will now depend on the ability of the parties to convert the announcements into investments, production and greater income for Venezuela, but also on how controversies over the duration, corporate control and distribution of oil rents are resolved.

The Chevron signing scheduled for this Wednesday will be the next step in a process that is redefining not only the Venezuelan oil industry, but also the energy and geopolitical map of Latin America.

Read alsoThe Trump plan to give the Pentagon a stake in Venezuela's oil wealth: 'WSJ'

With EFE and local media

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