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U.S. Energy Secretary Visits Venezuela for New Chevron Contract

Chris Wright aims to formalize a new contract that will expand Chevron's oil production in Venezuela.

2 September 2026Tagblick Newsdesk

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Archive photo: U.S. Energy Secretary Visits Venezuela for New Chevron Contract — Archive photoPhoto: Gonce · Wikimedia Commons · CC BY-SA 4.0

U.S. Energy Secretary Chris Wright has arrived in Venezuela with the goal of formalizing a new contract that will allow Chevron to expand its oil production in the country. The visit takes place in the context of a historic agreement granting Chevron operations for a period of 25 years.

According to various reports, this new initiative not only aims to increase Chevron's production capacity in Venezuela, but also forms part of a broader strategy to encourage foreign investment in the country's hydrocarbon sector.

It is estimated that with this new contract, Chevron could raise its production to more than 1.5 million barrels per day. This increase could have a significant impact on the Venezuelan oil industry, which has faced challenges in recent years.

Wright's visit is seen as a step towards deepening cooperation between the U.S. and Venezuela regarding energy resources, as the U.S. looks to enhance its engagement in the Latin American oil market.

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