US Energy Secretary Chris Wright is expected to visit Venezuela as new agreements in the country’s energy sector are being announced. Secretary of State Marco Rubio announced Wright’s travel plans during a meeting with reporters on Tuesday.
Rubio said numerous small and medium-sized agreements had been announced in recent days and that more were on the way. These developments include an expansion plan expected to increase Chevron’s production capacity in Venezuela.
US-backed oil investment plan
The travel plans emerged after the Trump administration announced a major oil agreement with North American Blue Energy Partners, a private oil producer operating in Venezuela. The agreement covers 17 oil fields with stated proven reserves of 65 billion barrels.
The Trump administration said North American Blue Energy Partners plans to invest up to $100 billion in new oil infrastructure in Venezuela. Under the agreement, the United States will receive a 35% stake in the company’s parent company.
The new arrangements aim to ensure that oil revenues benefit Venezuela rather than foreign governments or individuals linked to the previous administration. Washington also aims to restore Venezuela’s oil production and reduce China’s and Russia’s influence in the sector.
Rubio criticizes earlier agreements
Rubio said Venezuela had approximately twice as many proven reserves outside the fields included in the agreement. He said the country’s other oil resources were also capable of attracting new investment.
Comparing Venezuela’s oil agreements under former President Nicolas Maduro with the new arrangements, Rubio alleged that Cuba received Venezuelan oil for free or at heavily subsidized prices worth between $40 billion and $64 billion.
Rubio said China benefited from discounts of up to $21 per barrel compared with Brent prices, while Russia received Venezuelan oil in exchange for Caracas’s debts.
Rubio also said that Venezuela’s state oil company, PDVSA, had more than $21 billion in uncollectible receivables. He argued that the amount was linked to oil being provided without payment under earlier agreements.
Washington’s Venezuela policy
The Trump administration also aims to establish a stable and democratic Venezuela alongside economic recovery. Rubio linked economic improvement to broader institutional and political changes.
The steps are part of Washington’s effort to deepen its role in Venezuela’s energy sector after years of declining production and insufficient investment.
