US Energy Secretary to Visit Venezuela Following Oil Deal Approval

Venezuela’s National Assembly voted to support a 65-billion-barrel oil deal, although specific details have not been made public. United States Energy Secretary Chris Wright is scheduled to travel to Venezuela after the country approved a deal that would grant the US effective control over a significant portion of its oil reserves. An anonymous US official informed reporters that Wright's visit is set for Tuesday, as the Trump administration advances the energy deal. The official stated, "First and foremost, it furthers the national interest of the United States," and emphasized the importance of being able to "buy oil at cost reliably." Critics have likened the arrangement to deals historically imposed by colonial powers. The interim government of Venezuelan President Delcy Rodriguez has defended the agreement, claiming it will benefit the country's struggling economy. Jorge Rodriguez, the head of the National Assembly and Delcy's brother, confirmed the approval of the energy treaty between Venezuela and the United States. However, some opposition lawmakers abstained from voting, expressing concerns over the lack of transparency regarding the agreement's terms. Lawmaker Luis Emilio Rondon stated, "We need and are obliged to know what is written in the fine print." The deal is expected to provide the US access to 65 billion barrels of proven oil reserves in Venezuela, which represents approximately one-fifth of the country’s total reserves. The US is anticipated to partner with a private company to extract fuel from 17 large oil fields in Venezuela, with the lease lasting 100 years. The White House confirmed a partnership with North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt, a former ally of the late President Hugo Chavez. Under the agreement, the US Defense Department would hold a 35 percent ownership stake in a new company, while the State Department would have the right to purchase 20 percent of the oil produced at cost. Betancourt has been under investigation for alleged money laundering in Spain and Switzerland, but a US official defended the partnership, stating that he faces no charges in the US. The official characterized the deal as a "geopolitical opportunity" to secure oil fields previously influenced by Chinese and Russian companies. When asked about the potential for democratic elections in Venezuela, the official indicated that they are not feasible in the near future, noting that transitional periods often require collaboration with existing structures while establishing new ones. Additionally, oil giant Chevron is expected to sign an agreement to expand its operations in Venezuela on Wednesday. Critics attribute the decline of Venezuela’s energy sector to heavy US sanctions and government mismanagement. The Trump administration has sought to increase international participation in Venezuela’s oil sector, although some companies remain hesitant to invest. The 65-billion-barrel oil deal was initially announced on August 27 via a post on Trump’s Truth Social platform. The administration has gained influence over Venezuela’s government since launching a military operation on January 3 to detain President Nicolas Maduro, with Trump supporting Rodriguez as a cooperative leader following Maduro’s abduction.