US Energy Secretary Says Venezuela Oil Output to More than Double in Next Few Years
Wright said new foreign oil deals in Caracas could lift Venezuelan output and ease fuel prices as companies seek access to 65 billion barrels of reserves.
- On Tuesday, Energy Secretary Chris Wright arrived in Caracas announcing that new agreements with foreign oil companies will more than double Venezuelan crude production within a few years.
- Venezuelan oil output plummeted from above 3 million barrels per day in the 1990s to around 1.1 million recently, suffering from mismanagement, lack of investment, and sanctions.
- Under the arrangement, North American Blue Energy Partners would receive a 100-year lease for 17 oilfields holding 65 billion barrels of reserves, replacing fields recently controlled by China and Russia.
- Companies including Chevron, Eni, and GeoPark plan to sign agreements on energy projects, while a U.S. official defended NABEP owner Alejandro Betancourt, calling him "not a bad actor" despite past investigations.
- Wright stated increased oil output aims to lower prices, while Washington officials dismissed concerns that China would object, citing a robust bilateral relationship between the nations.
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United States Minister of Energy Chris Wright expects Venezuela's oil production to increase more than twice over the years, driven by new agreements and investments that expand the presence of American and international companies in the energy sector.
US Energy Secretary Wright to Visit Venezuela Amid Chevron Plans to Expand Operations
Get latest articles and stories on Business at LatestLY. US Energy Secretary Chris Wright will travel to Venezuela tonight for an expected announcement tomorrow on Chevron's plans to expand its operations in the country, according to a US official. Business News | US Energy Secretary Wright to Visit Venezuela Amid Chevron Plans to Expand Operations.
In Venezuela, the National Assembly, where the ruling party holds a majority, as well as the military, have both expressed their support for the agreement. Mr. Wright arrived around 8:30 p.m. (12:30 a.m. GMT) at Maiquetia International Airport, which serves Caracas. "Several agreements" will be announced on Wednesday, and "will lead to more than a doubling of Venezuela's oil production in the coming years," he told the media upon his arrival. …
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