US EditionUS energy secretary set to arrive in Venezuela with Herculean task of oil recovery
Wright aims to improve PDVSA management and attract foreign investment as U.S. sanctions ease, with new laws allowing private control over Venezuela's oil sector.
- On Wednesday, the U.S. Energy Secretary arrived in Caracas to assess PDVSA and meet Venezuelan officials, beginning a firsthand review of the state oil company.
- Earlier this year, Venezuela enacted a law opening its oil sector to private investment and ending PDVSA's monopoly amid Trump administration sanctions and arbitration changes.
- Market data from December underscore PDVSA's operational decline as Wright said it was once a `technically competent oil and gas company 30 years ago` but has deteriorated, forcing price cuts amid quality problems.
- Rodríguez's government says the reforms are meant to reassure hesitant major U.S. oil companies, while foreign investors see independent arbitration as crucial to prevent expropriation.
- Wright said he expects democratic elections in the next 18 to 24 months, as U.S.-Venezuela changes could reshape the oil sector over upcoming elections.
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99 Articles
US energy secretary visits Venezuela to assess oil industry
US Energy Secretary Chris Wright landed in Venezuela to assess progress on revamping the country’s oil industry following the ouster of former President Nicolás Maduro. The first steps are underway, including an overhaul of Venezuelan law to curb state-owned PDVSA’s control, and the issuance on Tuesday of a license from the US Treasury Department to authorize foreign companies to import drilling equipment.But in general, as my colleagues Eleanor…
Chris Wright's visit to Caracas on Wednesday, February 11, was the first of a member of the U.S. government in 25 years. Unsurprisingly, she focused on the revival of the Venezuelan oil industry.
US signals easing of energy restrictions after energy secretary’s Caracas visit
Venezuela’s acting President and Oil Minister Delcy Rodríguez met on Wednesday at Miraflores Palace with US Energy Secretary Chris Wright to discuss what the Venezuelan government described as “an energy agenda that benefits both nations,” as bilateral contacts continue to reopen.
During a visit to Caracas, US energy minister Chris Wright multiplied the positive signals, a little more than a month after the capture of President Nicolas Maduro. He is the most senior US official to travel to Venezuela since the military intervention...
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