U.S. Energy Secretary Chris Wright says new energy deals could more than double Venezuela’s oil production in the next few years as the Trump administration pushes American investment into the country’s massive reserves.
Wright made the comments during a visit to Caracas, where Chevron, Italy’s Eni and GE Vernova signed agreements that he described as representing tens of billions of dollars in investment.
Chevron Plans $7 Billion Investment
Chevron said Wednesday it plans to invest more than $7 billion in Venezuela over the next five years and increase its production to about 600,000 barrels per day, more than double its current output.
The company received additional acreage in the Orinoco Belt, including rights to develop the Carabobo 1 and Carabobo-2-South-A areas.
Chevron has operated in Venezuela since 1923 and remains the only major U.S. oil company with an established presence in the country.
CEO Mike Wirth said the expanded position reflects the company’s confidence in Venezuela’s oil resources and the potential for long-term investment.
Venezuela Holds Vast Oil Reserves
Venezuela has more than 303 billion barrels of proven crude oil reserves, the largest total in the world, according to OPEC’s 2025 Annual Statistical Bulletin.
Despite those reserves, the country’s production has fallen sharply from its peak of more than 3 million barrels per day in the late 1990s. Venezuela currently produces roughly 1.1 million to 1.2 million barrels per day.
Decades of socialist mismanagement, nationalization, chronic underinvestment and political instability crippled Venezuela’s oil industry. U.S. sanctions also restricted investment.
Energy analysts have warned that restoring Venezuela’s oil industry will take years and require tens of billions of dollars.
US Backs Broader Oil Expansion
The new agreements come days after President Donald Trump announced a separate arrangement giving a U.S.-backed private company long-term rights to develop 17 Venezuelan oil fields containing about 65 billion barrels of reserves.
Venezuelan businessman Alejandro Betancourt controls North American Blue Energy Partners, or NABEP. The company received 100-year concessions to develop the 17 fields.
Reuters reported that Washington and Caracas arranged the NABEP agreement without a competitive process. The White House has defended NABEP as a proven operator and said U.S. audit and governance controls will oversee the arrangement.
The Trump administration has promoted the agreement as a way to increase production, strengthen U.S. energy supplies and put downward pressure on oil prices.
Eni And GE Vernova Join Projects
Eni is also expanding its role in Venezuela after receiving exclusive rights to explore the Junin 5 oil field.
GE Vernova, a U.S. energy company spun off from General Electric, will work on efforts to restore Venezuela’s aging electricity infrastructure.
Wright said the eight agreements signed in Caracas represent “tens of billions of dollars” in investment and described increased energy production as a potential catalyst for Venezuela’s economic recovery.
Venezuelan Interim President Delcy Rodriguez said she hoped the agreements would produce benefits for both Venezuelans and Americans.
Oil Prices And US Consumers
The Trump administration has argued that increased Venezuelan production will eventually help lower U.S. energy prices.
Treasury Secretary Scott Bessent said Chevron’s experience makes it particularly well positioned to operate in Venezuela and argued that increased production could benefit U.S. consumers and the Venezuelan economy.
Wright also said the investment would put downward pressure on oil prices, while noting that refining capacity remains a major factor affecting gasoline and diesel prices.
Experts have cautioned that additional Venezuelan oil will not reach markets immediately because the country’s production infrastructure requires extensive repairs and investment.
Provided by Dallas Express
