Energy & Resources
Venezuela leader says Trump oil deal is for 'well-being'
Venezuela's leader said a Trump oil deal was for the country's “well-being”, adding a supportive statement to a wider energy opening involving Venezuela and the United States.
The statement came the same day Chevron announced a $7 billion deal with Venezuela to develop two more oil fields in the Orinoco Belt. Chevron said the project is expected to more than double output from its Petroindependencia joint venture within five years.
Chevron said the venture, in which the US oil company has a 49 percent stake, will develop two new areas near existing work in Venezuela's heavy-oil Orinoco Belt and lift output to about 600,000 barrels a day.
The announcement came as US Energy Secretary Chris Wright was set to sign a separate deal in Caracas that would give the United States control of about one-fifth of Venezuela's reserves. The White House has said the wider agreement would give Washington majority control of 65 billion barrels of proven petroleum reserves and preferential access to 17 oil fields.
Wright told CNBC that the shifts in Venezuela would put downward pressure on global oil prices.
Chevron CEO Mike Wirth told CNBC that the expanded investment reflected greater assurances for foreign investors since January, when US forces captured former Venezuelan president Nicolas Maduro. Wirth said there had been changes to dispute resolution provisions and contract assurances that gave Chevron more confidence than it would have had a year earlier.
Wirth said the investment was a long-term answer and that raising output by 300,000 barrels a day would take engineering, supply chains and time.
Chevron's move follows an April announcement in which the company increased its Petroindependencia stake by 13.2 percent in exchange for returning rights to offshore gas extraction and other assets to Venezuelan state oil company PDVSA.
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Venezuela's leader said the Trump oil deal was for Venezuela's “well-being”.
Source note: AFP news report published on 2 September 2026 at 18:29:35 UTC.
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Chevron CEO Mike Wirth told CNBC that contract changes and investment assurances gave the company more confidence to invest in Venezuela.
Wirth described the investment as a long-term measure and said growing production takes time.
Chevron and ExxonMobil executives warned in recent earnings calls that elevated gasoline prices would probably continue to strain consumers partly because of cuts in global refining production linked to Strait of Hormuz supply disruptions.
Source note: AFP news report published on 2 September 2026 at 14:40:04 UTC.
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US Energy Secretary Chris Wright said Venezuelan oil production would exceed two million barrels a day by the end of the decade.
Wright said Venezuelan output had risen from a little under one million barrels a day to more than 1.2 million barrels a day.
Wright said the US government stake would increase confidence in the rule of law and contracts in Venezuela.
The item says ExxonMobil and ConocoPhillips had not announced new investment after projects were expropriated by Venezuela in 2007.
Source note: AFP news report published on 2 September 2026 at 12:42:42 UTC.
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Chevron CEO Mike Wirth said improved terms and additional acreage would strengthen the company's portfolio.
The item says Chevron raised its Petroindependencia stake by 13.2 percent in April in exchange for returning offshore gas extraction rights and other assets to Venezuela's state oil company PDVSA.
Wirth praised US Energy Secretary Chris Wright's efforts to facilitate conditions for further investment and growth.
Source note: AFP news report published on 2 September 2026 at 11:15:13 UTC.
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Chevron announced a $7 billion deal with Venezuela.
Chevron said the Petroindependencia joint venture will develop two additional greenfield oil sites in the Orinoco Belt.
Chevron said the plan would lift output to about 600,000 barrels a day.
Chevron said it has a 49 percent stake in Petroindependencia.
Source note: AFP news report published on 2 September 2026 at 10:39:49 UTC.
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Chevron unveiled a deal to double output from its Venezuela venture over five years.
Source note: AFP news report published on 2 September 2026 at 10:25:07 UTC.
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US Energy Secretary Chris Wright said several deals would be announced on Wednesday.
Wright said the deals would lead to a more than doubling of Venezuelan oil production in the next few years.
Source note: AFP news report published on 2 September 2026 at 05:55:03 UTC.
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Marco Rubio said the agreement specifically involves the Defense Department holding a special account to take possession of a percentage of assets.
Source note: AFP news report published on 2 September 2026 at 03:39:06 UTC.
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US Energy Secretary Chris Wright arrived in Venezuela late Tuesday, with signing of the agreement set for Wednesday.
Marco Rubio said a private company is working with the United States to normalize Venezuela's economy and described the Department of Energy's role in the agreement.
Rubio said the vast majority of the 17 fields were in Chinese and Russian hands until now.
Source note: AFP news report published on 2 September 2026 at 02:35:57 UTC.
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US officials defended President Donald Trump's oil deal with Venezuela, saying it would lower oil prices for Americans and counter Russian and Chinese influence.
Venezuela's National Assembly backed the agreement on Tuesday.
Chevron is expected to announce a major expansion in Venezuela on Wednesday.
Some opposition lawmakers abstained, saying they wanted to see the written terms before voting.
Source note: AFP news report published on 1 September 2026 at 23:17:12 UTC.
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Defense Minister Gustavo Gonzalez Lopez was identified as the official who said the army backed the oil deal.
Gonzalez Lopez made the statement after meeting interim leader Delcy Rodriguez.
Source note: AFP news report published on 1 September 2026 at 22:39:28 UTC.
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Venezuela's defense minister said the Venezuelan army backs the large US oil deal.
Source note: AFP news report published on 1 September 2026 at 22:27:53 UTC.
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The White House said North American Blue Energy Partners would receive 100-year concessions for 17 oil fields with proven reserves of about 65 billion barrels.
Alejandro Betancourt owns NABEP, described as Venezuela's second-largest private oil producer.
The item adds details on past corruption allegations against Betancourt, including claims about Derwick Associates contracts and alleged markups reported by Transparencia Venezuela.
Betancourt was arrested in the United Kingdom in 2025 after Switzerland opened money laundering proceedings against him; Zurich prosecutors later withdrew an extradition request.
NABEP's general director said the company was committed to producing 300,000 barrels a day by the end of the year, while experts estimate current output at 150,000 to 180,000 barrels per day.
Source note: AFP news report published on 1 September 2026 at 22:03:52 UTC.
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US officials defended the Venezuela oil deal as serving US national interests and countering Russian and Chinese influence.
Trump met oil executives at the White House as his administration sought lower gas prices.
US Energy Secretary Chris Wright was set to arrive in Venezuela, with signing planned for Wednesday.
Chevron was expected to announce a major expansion in Venezuela.
The deal gives the United States preferential access to 17 oil fields and includes facilities previously run by Russian and Chinese companies.
The White House said the United States would take a 35 percent stake in North American Blue Energy Partners and have board control and veto power.
Source note: AFP news report published on 1 September 2026 at 20:35:02 UTC.
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Venezuela's National Assembly approved support for the binational energy treaty by a show-of-hands vote.
Some opposition lawmakers abstained, saying they wanted to see the written terms before deciding.
National Assembly chief Jorge Rodriguez publicly declared the approval.
US Energy Secretary Chris Wright was expected to arrive in Venezuela on Tuesday evening, with signing expected on Wednesday.
Source note: AFP news report published on 1 September 2026 at 19:40:43 UTC.
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Venezuela's National Assembly backed the US oil deal.
Source note: AFP news report published on 1 September 2026 at 18:46:00 UTC.
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The White House said the United States will take a 35 percent stake in North American Blue Energy Partners.
The firm will grant Washington the right to buy 20 percent of its oil at production cost, according to the White House.
A US official said the deal includes takeover of oil fields previously owned by Russian and Chinese companies.
A US official said Chevron will announce plans to expand operations in Venezuela.
Source note: AFP news report published on 1 September 2026 at 18:30:15 UTC.
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A US official said Energy Secretary Chris Wright would lead a group for meetings in Venezuela.
The official said the trip would come as Chevron separately announces plans to expand its operations in Venezuela.
Source note: AFP news report published on 1 September 2026 at 16:49:33 UTC.
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A US official said the US energy secretary was heading to Venezuela on Tuesday, September 1, for the oil deal.
Source note: AFP news report published on 1 September 2026 at 16:40:52 UTC.
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Trump said Monday that implementation of the agreement was “going to go fast” and that he wanted to use the oil to fill the US strategic reserve.
Rodriguez said the agreement would span 25 years and cover 17 oil fields.
Several media outlets reported that Washington is expected to receive 55 percent of the output from the new joint venture.
Energy analysts and experts raised questions about implementation, timing, company participation and whether the deal would survive a future US administration.
Source note: AFP news report published on 31 August 2026 at 22:28:14 UTC.
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Many Venezuelans were reported to be questioning the deal's transparency, benefits and political costs.
The source added figures on Venezuela's minimum wage, government subsidies and estimated basic food costs for a family of five.
Carlos Baco said he had not felt benefits from recent oil production increases as prices rose.
Analyst Elias Ferrer and former deputy energy minister Dolores Dobarro said the investment could help revive the oil sector if handled correctly.
Source note: AFP news report published on 30 August 2026 at 03:08:33 UTC.
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Venezuela said it retains "sovereignty" in the US oil deal.
Source note: AFP news report published on 30 August 2026 at 02:01:32 UTC.
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Venezuelans expressed doubt and suspicion about the US oil deal, while some also voiced hope for economic recovery.
Venezuela's ruling party said it supports economic measures that prioritize national interests and help overcome sanctions.
Oil production rose 29.8 percent between January and July to 1.2 million barrels per day.
Engineer Oswaldo Felizzola said increased production from the deal may not be seen for at least three or four years.
Delcy Rodriguez promised more than $204 billion in tax revenue from the deal without giving details.
Source note: AFP news report published on 30 August 2026 at 01:21:07 UTC.
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Jorge Pinon of the University of Texas at Austin said the agreement was unconventional and that many questions remained about how oil assets would be transferred to another country.
Pinon said it was unclear whether the arrangement would be a sale, a title transfer or a transfer only once reserves are produced.
John Kilduff of Again Capital said the main problem for companies operating in Venezuela is the safety and security of their investment.
Source note: AFP news report published on 29 August 2026 at 01:25:47 UTC.
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Caracas confirmed that Venezuela had signed the oil deal with the United States.
Interim leader Delcy Rodriguez described the agreement as historic on social media.
Rodriguez said the agreement could bring more than $100 billion in investment and more than $209 billion in tax revenue for the state.
Source note: AFP news report published on 29 August 2026 at 00:52:50 UTC.
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Venezuela's president has confirmed the oil deal with the United States.
Venezuela's president described the deal as “historic”.
Source note: AFP news report published on 29 August 2026 at 00:37:03 UTC.
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The Venezuelan government did not immediately confirm the arrangement.
Trump said Marco Rubio and Pete Hegseth reached the deal with interim leader Delcy Rodriguez through a partnership with private business.
Rubio said the deal would support thousands of jobs and help reconstruct Venezuela's economy, without giving further details.
The Trump administration has been urging US companies to invest in Venezuela, but companies remain wary because of infrastructure problems and past appropriation of foreign investor assets.
Source note: AFP news report published on 29 August 2026 at 00:04:31 UTC.
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Marco Rubio said the oil deal would bring Venezuela $100 billion in private investment.
Source note: AFP news report published on 28 August 2026 at 23:39:17 UTC.
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Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth reached the deal with Delcy Rodriguez through a partnership with private business.
Trump did not say what Venezuela would receive under the arrangement.
Trump said the deal would lower gasoline prices for Americans.
Source note: AFP news report published on 28 August 2026 at 23:35:49 UTC.
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Trump said the deal gives Washington majority control of 65 billion barrels of proven petroleum reserves.
Trump called it "the biggest oil deal in world history" in a Truth Social post.
Trump said the deal would more than double US oil reserves.
Source note: AFP news report published on 28 August 2026 at 23:07:31 UTC.
Update
President Donald Trump announced a major oil deal with Venezuela.
Source note: AFP news report published on 28 August 2026 at 22:56:17 UTC.
Uncertainty notes
The source item did not name the Venezuela leader who made the “well-being” statement.
The source item did not provide further detail on the statement or its setting.
Source
AFP news report published on .