U.S. government wants ‘a lot of investment’ from its companies in Venezuela, Chris Wright says

The U.S. energy secretary arrived in Venezuela with a clear message for American companies: Washington wants them to invest heavily in the country’s oil sector.

Chris Wright said the United States wanted “a lot of investment” from American companies to increase opportunities and prosperity for Venezuelans, U.S. citizens and energy consumers. He also said the administration was seeking to increase the flow of private capital from a large number of U.S. firms.

Wright’s visit is expected to include the signing of a new Chevron contract in the Orinoco Belt, which the article describes as the world’s largest oil reserve. A U.S. official said Chevron was expected to announce an expansion of its existing operations, a move that would also increase Venezuela’s production capacity.

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We want to see a lot of investment coming from the United States into Venezuela to increase opportunities and prosperity for Venezuelans, Americans and energy consumers.

Writing on X, Wright said President Donald Trump’s “energy diplomacy is delivering results,” including new energy agreements, opportunities for U.S. companies and stronger energy security across the hemisphere. Venezuelan Hydrocarbons Minister Paula Henao and U.S. chargé d’affaires John Barrett received Wright and his delegation in Caracas.

Caracas and Washington announced what they called a historic oil agreement four days earlier. Acting President Delcy Rodríguez said it would run for 25 years and target production above 1.5 million barrels per day. The White House also confirmed a 100-year concession for North American Blue Energy Partners, a private company linked to businessman Alejandro Betancourt. Venezuela changed its hydrocarbons law this year to open the oil sector to private and foreign capital, a move analysts have interpreted as dismantling the legacy of the late Hugo Chávez.

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President Trump’s energy diplomacy is delivering results: driving new energy agreements, opening the door to American companies and strengthening energy security throughout the hemisphere.