US expects Venezuela’s oil production to rise 50% under new deals
Translated from Spanish and summarized by DistantNews. Read the original for the full story.
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- US Energy Secretary Chris Wright said Venezuela’s oil production could rise 50% by 2027 as American companies sign new agreements in the country.
- Wright said output already exceeds 1.2 million barrels per day and could surpass 1.5 million in the first half of next year, although experts question whether Venezuela can reach those levels.
- His visit to Caracas included efforts to advance Chevron’s development of two large Orinoco Belt fields and followed a US-Venezuelan agreement involving access to 20% of Venezuela’s proven reserves.
US Energy Secretary Chris Wright is standing by his prediction that Venezuela’s oil production will jump 50% within 12 to 18 months, following new agreements with American oil companies.
“I said from the beginning, when President Donald Trump approved these measures, that Venezuelan production would increase by 50% within 12 to 18 months. I reaffirm that prediction,” Wright told CNBC in Caracas.
I said from the beginning, when President Donald Trump approved these measures, that Venezuelan production would increase by 50% within 12 to 18 months. I reaffirm that prediction.
Wright said Venezuela is already producing more than 1.2 million barrels a day. He expects output to exceed 1.5 million barrels daily in the first half of next year and said production could pass 2 million barrels a day by the end of the decade.
Many experts remain skeptical. They say reaching those volumes will be difficult because Venezuela’s infrastructure has deteriorated, the industry needs major capital investment, and the country faces political uncertainty.
Wright traveled to Caracas partly to promote an agreement that would allow Chevron to develop two major fields in the Orinoco Belt. His visit came days after the White House announced an agreement giving a mixed-ownership company involving North American Blue Energy Partners and the US government access to develop 20% of Venezuela’s proven reserves for at least 25 years.
It is an agreement between the US government and a Venezuelan company to help develop the resources.
Critics have accused Washington of overstepping by taking control of Venezuelan assets in violation of the country’s Constitution. Wright rejected that criticism, saying, “It is an agreement between the US government and a Venezuelan company to help develop the resources.”
Others have argued that Washington is putting economic interests ahead of Venezuela’s democratization process. Delcy Rodríguez currently heads the government after former President Nicolás Maduro was captured by the United States in January. Wright also defended Alejandro Betancourt, who leads NABEP and has faced investigations in Spain, Switzerland and the United States over alleged money laundering and tax fraud linked to PDVSA transactions. He has not been charged with a crime. “Alejandro had certain conflicts with the previous regime in Venezuela, which put him in the news and all that, but he has proven to be a very capable operator in the country. In addition, this structure will of course have US oversight,” Wright said.
Alejandro had certain conflicts with the previous regime in Venezuela, which put him in the news and all that, but he has proven to be a very capable operator in the country. In addition, this structure will of course have US oversight.
About this summary
Originally published by ABC Color 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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