Energy & Resources
Venezuela oil deal not theft, Chris Wright says
US Energy Secretary Chris Wright denied that Washington was “stealing Venezuelan oil” as he defended a sweeping energy opening that is set to give the United States majority control of more than 65 billion barrels of Venezuelan oil.
Wright travelled to Caracas to oversee the signing of energy agreements worth billions of dollars, including deals with Chevron, GE Vernova and Italy's ENI. The wider accord covers almost 20 percent of Venezuela's oil, in a country described as holding the world's largest proven reserves. Caracas has projected $209 billion in earnings over 25 years from the agreement.
“The oil in Venezuela is indeed owned by the people of Venezuela,” Wright said, adding that private companies were bringing money and technology while “the benefits, the royalties and the taxes” would go to Venezuela's government and people.
The agreements will see Chevron and ENI expand operations in Venezuela and gain larger stakes in oil fields. Chevron has valued its agreement to develop two additional oil fields in the Orinoco Belt at $7 billion and expects output to more than double in five years. ENI said it had gained exclusive rights to explore the Junin 5 oil field. GE Vernova will help repair Venezuela's electricity grid.
Wright also said Venezuela needed to fix its electricity sector, with much of the country enduring hours-long power cuts each day. He said the oil sector also needed electricity and voiced optimism that existing power infrastructure could be put back to use under a five-year plan.
The deals have raised questions about Venezuelan sovereignty. Interim President Delcy Rodriguez has denied that Venezuela is surrendering its resources and said the US role is needed to secure investment.
US President Donald Trump has called the pact “the biggest oil deal in world history.” Trump also rejected calls for quick elections in Venezuela, saying the country was not ready. Rodriguez said elections would take place when “Venezuela is ready.”
Wright said the election plan had not changed, but described elections as a process that required reforms first, including an overhaul of Venezuela's Supreme Court. He said the country and its economy had to be stabilised before a vote could take place.
Update
US Energy Secretary Chris Wright denied claims that Washington was stealing Venezuelan oil.
Wright said Venezuela's oil remains owned by Venezuelans and that royalties and taxes would go to the Venezuelan government and people.
Wright said Venezuela's oil sector and electricity sector both need to be repaired, and voiced optimism about a five-year plan using existing electricity infrastructure.
Wright said elections in Venezuela were a process and that reforms, including changes to the Supreme Court, were needed first.
Source note: AFP news report published on 3 September 2026 at 01:58:47 UTC.
Update
The wider agreement gives the United States majority control of 65 billion barrels of Venezuelan oil reserves.
US Energy Secretary Chris Wright told CNBC that Venezuela's oil production would top 2 million barrels per day by the end of the decade, double the January level.
The source says that forecast would still be below Venezuela's peak of more than 3 million barrels per day in the late 1990s.
Alejandro Betancourt's role in the deal has come under scrutiny; he runs North American Blue Energy Partners, described as Venezuela's second-largest private oil company.
The US government is taking a 35 percent stake in North American Blue Energy Partners under the deal.
Wright defended North American Blue Energy Partners' record of producing oil in Venezuela.
Source note: AFP news report published on 2 September 2026 at 22:50:15 UTC.
Update
Donald Trump rejected calls from Republican lawmakers for quick elections in Venezuela, saying he did not think the country was ready.
Delcy Rodriguez said Venezuela would hold an electoral process when it was ready.
Rodriguez denied surrendering Venezuela's resources and said giving the United States a role in the country's oil wealth was needed to secure investment.
Rodriguez estimated Venezuela would make $209 billion in profit from the oil agreement over 25 years.
Source note: AFP news report published on 2 September 2026 at 20:54:23 UTC.
Update
US Energy Secretary Chris Wright said eight deals were signed and described them as worth tens of billions of dollars in investment.
Delcy Rodriguez suggested the separate August 28 US-Venezuela oil agreement had already been concluded.
ENI said it gained exclusive rights to explore the Junin 5 oil field.
GE Vernova will help revitalize Venezuela's electricity sector.
Source note: AFP news report published on 2 September 2026 at 18:46:00 UTC.
Update
US Energy Secretary Chris Wright oversaw the signing of deals between Venezuela and Chevron, ENI and GE Vernova.
Wright spoke alongside interim President Delcy Rodriguez.
Wright said the deals represented "tens of billions of dollars of investment" and were critical to starting what he called peace, opportunity and prosperity in Venezuela.
Source note: AFP news report published on 2 September 2026 at 17:52:42 UTC.
Update
Chevron, GE Vernova and ENI signed oil and energy deals with Venezuela.
Source note: AFP news report published on 2 September 2026 at 17:31:22 UTC.
Uncertainty notes
The timing of any Venezuelan election remains unresolved.
The supplied material does not give a final detailed breakdown of how all projected earnings would be distributed over the 25-year period.
Source
AFP news report published on .