CARACAS — U.S. Energy Secretary Christopher Wright concluded his second visit to Venezuela, overseeing the signing of numerous agreements to expand oil exploitation and improve the nation's electrical infrastructure. The deals involve major international energy firms and Venezuela's state-owned companies, marking a significant step in re-established relations between Washington and Caracas.
Secretary Wright, a key energy advisor to President Donald Trump, participated in the signing of a dozen oil exploitation agreements. These pacts grant new fields and exploration licenses to Chevron, Italy's Eni, Primavera and Aspect Energy.
General Electric also signed agreements focusing on recovery of Venezuela's electrical system. The country experiences daily power outages ranging from six to 10 hours. The deals aim to stabilize the electrical grid and support the oil industry.
The agreements are central to the White House's plans for the oil-rich nation. Wright projected that Venezuelan oil production would surpass two million barrels per day by the end of this decade, an increase of approximately 900,000 barrels per day from current output levels.
"It is a historic day in the transformation of Venezuela and the expansion of the possibilities of the Venezuelan people," Wright said. "The mission of President Trump is to bring peace and prosperity to Venezuela."
Wright added that the administration aims to "go at the speed of light to transform Venezuela and its relations with the United States, and the catalyst is the energy." He said the goal is to "replace the conflicts of the past with commerce and business of the present" across the region.
Chevron will expand its operations and has secured two oil fields within the Orinoco Belt. Chevron maintained assets and operations in Venezuela even during periods of stringent U.S. sanctions.
Italy's Eni deepened its involvement, signing five projects to increase its participation in Venezuela's energy sector. Primavera obtained the Budare-Elotes blocks in the eastern part of the country, while Aspect Energy will conduct evaluations of exploitation potential.
Venezuelan state entities, including the national oil company PDVSA and the state electricity firm Corpoelec, formalized collaborations with General Electric targeting electrical system improvement and planned growth in crude production.
PDVSA President Héctor Obregón said these agreements are the result of eight months of work on a "structural transformation" within the sector, following legislative reform approved earlier in the year.
Interim Venezuelan President Delcy Rodríguez met with Secretary Wright in Caracas. "We are signing for the life of Venezuelans," Rodríguez said.
These agreements are distinct from a separate recently unveiled deal in which the United States will acquire at least one-fifth of Venezuela's oil reserves. That agreement involves a public-private partnership with North American Blue Energy Partners, a firm owned by Venezuelan contractor Alejandro Betancourt, who is associated with the Trump administration. The NABEP agreement was not part of Wright's official agenda during his current visit.
