US Energy Secretary in Venezuela Ahead of Landmark Oil Agreement

US Energy Secretary Chris Wright landed in Venezuela on Tuesday night, ahead of a scheduled meeting with acting president Delcy Rodriguez to formalise an unprecedented oil agreement. The visit follows an announcement by former president Donald Trump, who described the deal as "the biggest oil deal in world history."

The agreement will see the creation of a private US company as a joint venture with North American Blue Energy Partners, a firm owned by Venezuelan businessman Alejandro Betancourt. The company is already the second-largest operator in the country, behind Chevron.

Under the terms of the deal, Venezuela will grant the joint venture 100-year rights over 17 oil fields, which hold proven reserves of 65 billion barrels. However, analysts note that the country's dilapidated energy infrastructure means it could take years before production ramps up, offering little immediate relief to global oil prices, which have spiked amid the ongoing Iran war.

In a post on his X account, Wright said: "President Trump's energy diplomacy is delivering results - advancing new energy deals, opening the door for American companies, and strengthening energy security across our hemisphere."

The US delegation, which included Charge d'Affaires John Barret, was seen at La Guaira airport, with Venezuela's oil minister Paula Henao also present for the arrival.