Venezuela and US Sign Oil Cooperation Pacts During Energy Secretary Visit

Venezuela and the United States have formalized a series of oil cooperation agreements following a meeting in Caracas between acting President Delcy Rodriguez and US Energy Secretary Chris Wright. The signing ceremony took place during Wright's visit, which began on Tuesday.

The agreements focus on oil expansion projects involving multinational companies, most notably US-based Chevron. These projects are slated to include operations in new exploration areas. Chevron has indicated that the enhanced joint venture plans involve investments exceeding seven billion dollars in Venezuela over the next five years. This investment is expected to more than double the company's production in the country to approximately 600,000 barrels per day compared to 2026 levels.

US President Donald Trump stated on social media that the deal secures "majority control" over more than 65 billion barrels of Venezuela's proven oil reserves. Acting President Rodriguez described the agreement as having a 25-year term, with the broader goal of raising the country's total crude output to 1.5 million barrels per day. She also reaffirmed Venezuela's sovereignty over its natural resources.

The development follows a period of heightened tensions. In early January, US military forces conducted a large-scale strike against Venezuela and detained President Nicolas Maduro and his wife, transporting them to New York. Later that month, Rodriguez announced a partial reform of the country's hydrocarbons law to permit greater private sector participation in the oil industry. Venezuela holds the world's largest proven oil reserves.