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🇻🇪 Venezuela /Energy & Infrastructure

U.S. energy secretary says investment can drive Venezuela’s recovery

From El Nacional · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • U.S. Energy Secretary Chris Wright said new agreements with Chevron, Eni and GE Vernova could make energy the starting point for Venezuela’s broader transformation.
  • Washington projects that Venezuela could raise oil output above 2 million barrels per day by the end of the decade, with Chevron considering about $7 billion in investments in two additional Orinoco Belt fields.
  • GE Vernova also committed to help rehabilitate Venezuela’s electricity infrastructure, including the Guri hydroelectric complex, with initial stabilization work expected within six to 12 months.

“The catalyst to improve Venezuela is energy,” U.S. Energy Secretary Chris Wright said after witnessing a series of agreements that he presented as a possible turning point for the country.

Venezuela has room to increase crude production considerably, Wright said in a post on X. His projection puts output above 2 million barrels per day by the end of the decade, compared with current estimates of 1.2 million to 1.25 million barrels per day.

The catalyst to improve Venezuela is energy.

· Chris WrightThe U.S. energy secretary described the energy sector as the starting point for Venezuela’s wider transformation.

The expected growth is tied mainly to an expansion of Chevron’s operations. The U.S. company is considering new developments in the Orinoco Belt and estimates investments of about $7 billion in two additional fields. Production from those fields could more than double over the next five years.

Italy’s Eni is also part of the new arrangements after obtaining rights to explore the Junín 5 field. Washington is seeking to encourage more private capital in Venezuela’s oil industry and restore production capacity after years of deterioration.

I am honored to have had the opportunity to witness energy agreements that will replace the conflict of the past with the commerce of today and the future.

· Chris WrightWright characterized the agreements signed during his Caracas visit.

The agreements extend beyond oil. GE Vernova committed to help rehabilitate existing electricity infrastructure, including the Guri hydroelectric complex. The United States expects initial work to stabilize the national power system within six to 12 months while broader recovery and modernization continue.

Wright said the agreements with Chevron, Eni and GE Vernova were signed during his visit to Caracas. He linked the process to new commercial and investment opportunities, as well as potential job creation and wider economic recovery. “I am honored to have had the opportunity to witness energy agreements that will replace the conflict of the past with the commerce of today and the future,” he said. During the visit, he described the agreements as essential to bringing “peace, opportunities and prosperity” to Venezuela.

peace, opportunities and prosperity

· Chris WrightWright described the intended benefits of the new energy agreements for Venezuela.
About this summary

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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