US energy secretary arrives in Venezuela to discuss oil deal
Wright said new agreements could more than double crude output as U.S. companies move to secure long-term access to Venezuela’s oil reserves.
- U.S. Energy Secretary Chris Wright arrived in Caracas on Tuesday for a one-day visit to finalize energy agreements expected to be signed Wednesday that could more than double Venezuelan crude production in coming years.
- Venezuelan oil production once peaked above 3 million barrels per day but plummeted to around 1.1 million to 1.2 million bpd recently, prompting major firms including Chevron, Eni, ONGC, and GeoPark to sign energy agreements this week.
- North American Blue Energy Partners secured a 100-year lease for 17 oilfields holding 65 billion barrels of reserves; a U.S. official defended NABEP leader Alejandro Betancourt as "not a bad actor" despite his history of investigations.
- Wright predicted U.S. gasoline prices should fall in coming weeks as the Trump administration eases refining regulations, while oil rigs from Texas will create jobs in both the United States and Venezuela.
- These U.S.-backed energy projects displace oilfields recently controlled by China and Russia. China's Foreign Ministry said on Tuesday its cooperation with Venezuela is "protected by international law" and its interests must be guaranteed.
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Business - US energy secretary vows oil output will double on visit to Venezuela
US Energy Secretary Chris Wright landed in Venezuela on Tuesday ahead of a signing ceremony for a landmark oil deal between the US government and Venezuela. The deal would see the US create and control…
United States Secretary of Energy Chris Wright has announced that the agreements that oil companies will sign from the United States and other countries in Caracas will more than double crude oil production over the next few years.
US energy secretary says Venezuela oil output to more than double in next few years
U.S. Energy Secretary Chris Wright said on Tuesday after landing in Venezuela that deals that oil companies from the U.S. and other countries sign tomorrow in Caracas will lead to a more than doubling of crude production in the next few years.
At Maiquetía Airport, the U.S. Secretary of Energy told journalists that he intends to increase "the private capital flow of a large number of U.S. companies".
"We want to see a lot of investment coming from the United States [US] in Venezuela to increase the opportunities and prosperity of Venezuelans, Americans and energy consumers," said US Energy Secretary Chris Wright at Maiquetía International Airport near Caracas at the beginning of his second visit to the country.
Chris Wright is in Venezuela after new oil deal is announced
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