U.S. Energy Secretary Chris Wright arrived in Venezuela on Tuesday night to finalize a strategic energy agreement between the two governments, a 25-year project aimed at developing new fields and lifting production beyond 1.5 million barrels per day.
Wright’s visit follows an announcement days earlier in which both governments outlined the broad contours of the deal, including multimillion-dollar investment in field development, production growth, infrastructure construction, and the creation of thousands of jobs.
The U.S. Energy Secretary landed at Simón Bolívar International Airport in Maiquetía, where Hydrocarbons Minister Paula Henao received him.
The deal signed between Venezuela and United States spans a quarter century and covers 17 strategic blocks. Acting President Rodríguez announced that the goal is to exceed 1.5 million barrels of daily output while contributing to the energy security of the hemisphere.
The fiscal terms are substantial. Nineteen dollars from every barrel sold would flow directly to the country. Using an estimated base price of $65 per barrel, the projections point to total revenues of up to 209.335 billion dollars for the Bolivarian nation.
Acting President Delcy Rodríguez emphasized During the announcement of the agreement that Venezuela retains sovereignty and ownership over the hydrocarbon resources beneath its soil. Rodríguez framed the agreement as a mechanism to convert that wealth into concrete prosperity, with better incomes, robust public services, health care, education, and road infrastructure.
Following this, Rodríguez presented the current deal as proof that the agreement serves national development rather than foreign extraction, a point she underscored by insisting on Bolivarian control over the resources.
Twenty-Five Year Plan
The deal’s structure reflects Bolivarian’s broader offensive to raise crude production, forge new energy alliances, and diversify its hydrocarbon exports. The 17 blocks form the operational core of that push, with the 25-year horizon giving investors the stability required for large-scale capital deployment.
Wright’s arrival Tuesday coincided with a separate announcement from Chevron outlining plans to expand its operations in Venezuela. The two signals together suggest a widening reopening of the country’s oil sector to international participation.
The U.S. official had visited Caracas in mid-February, an early indicator that energy diplomacy between Washington and Caracas was advancing despite longstanding political tensions. This week’s trip moves that dialogue from discussion to signature.
Author: Laura V. Mor
Source: Agencies
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