US Energy Secretary rejects claims of stealing Venezuelan oil in new deal
Energy Secretary Chris Wright denied accusations that the United States is taking Venezuelan oil, saying the resources belong to Venezuelans and the agreement will bring investment and royalties to their government.
US Energy Secretary Chris Wright, addressing reporters at Caracas airport, refuted media claims that Washington is "stealing" Venezuelan oil after the two nations inked a series of energy deals worth billions of dollars. The pact grants the United States majority control of more than 65 billion barrels—roughly one-fifth of Venezuela’s proven reserves—and is projected to generate about US$209 billion for Caracas over the next 25 years.
Wright emphasized that the oil remains owned by the Venezuelan people, with private companies providing capital and the Venezuelan government receiving royalties and taxes. He outlined a five-year plan to restore the country's electricity network, arguing that reliable power is essential for oil production. President Donald Trump called the agreement the "biggest oil deal in world history" and dismissed calls for immediate elections, saying political reforms must precede a vote. Wright echoed that elections will be held when the nation’s infrastructure and institutions, including the Supreme Court, are prepared.
Why it matters
The deal reshapes US-Venezuela energy ties and influences the country's political and economic future.
How this story developed
- Aug 28 U.S. Negotiates Long-Term Lease of Venezuelan Oil Fields to Cut Import Costs
- Aug 28 The White House has referred inquiries about the proposed deal to the Energy Department.
- Aug 29 Trump announced a partnership granting the United States a 55% effective output share in Venezuelan oil fields.
- Aug 30 The first publicly shared photographs of Nicolas Maduro since his January abduction were uploaded to his X account. The pictures show the former president detained by U.S. officials as he prepares for a trial on narco-terrorism and drug-trafficking accusations. The post was framed as a tribute to his grandchildren and supporters.
- Aug 31 Acting President Delcy Rodríguez announced a 25‑year bilateral energy project granting the United States majority control of more than 65 billion barrels of Venezuelan reserves.
- Aug 31 Trump said the deal will allow the United States to top up its Strategic Petroleum Reserve.
- Aug 31 The partnership was described as a 25‑year joint venture targeting 1.5 million barrels per day and projected to generate about $209 billion for Venezuela, with the United States holding a 55 percent interest and a 35 percent passive stake in the private partner.
- Sep 1 Pentagon’s Office of Strategic Capital joins the Venezuelan oil venture.
- Sep 2 U.S. Energy Secretary Chris Wright scheduled a visit to Venezuela to discuss the oil partnership.
- Sep 2 Chevron announced plans to expand its Venezuelan oil footprint, receiving extra acreage in the Orinoco Belt and targeting over $7 billion in investment to lift output to roughly 600,000 barrels per day.
- Sep 2 The administration revealed a $100 billion proposal that includes a disputed 35 % Pentagon equity stake and a 100‑year lease for the private partner.
- Sep 2 Chevron added two new Carabobo blocks to its joint venture in the Orinoco Belt.
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