Additional American energy firms could begin operating in Venezuela within the next few months, according to U.S. Energy Secretary Chris Wright, signaling a major shift in economic ties following recent political changes in the South American nation.
Currently, Chevron remains the only U.S. oil company with active operations in Venezuela, but that could soon change after new federal authorizations cleared the way for more companies to enter the market.
New Licenses Open the Door for Major Energy Firms
The U.S. Treasury Department recently issued licenses allowing several multinational companies — including BP, Shell, Eni, and Repsol — to negotiate and operate with Venezuela’s state oil company, PDVSA.
Wright said increased production is already underway, with Chevron expanding output this month and next. He projected a “meaningful rise” in Venezuelan oil production over the next year, with much of the supply expected to flow to U.S. refineries, particularly in Florida.
Political Transition Driving Economic Cooperation
The developments follow the removal of longtime Venezuelan leader Nicolás Maduro earlier this year during a U.S.-backed operation. Interim President Delcy Rodríguez has since taken office and met with Wright in Caracas to discuss energy cooperation and economic recovery.
According to Wright, U.S. oversight of oil revenue distribution gives Venezuelan leadership strong incentives to collaborate.
President Donald Trump has stated his administration intends to partner with private companies and Venezuelan authorities to expand oil exports while maintaining U.S. control over revenue flows.
Possible Elections by 2027
While some observers speculated elections could occur sooner, Wright said organizing credible voter rolls and election systems will take time. However, he indicated that a national election before the end of 2027 is “a real possibility.”
Secretary of State Marco Rubio also defended U.S. involvement in Venezuela during recent congressional testimony, emphasizing plans to restore democratic governance.
Potential Impact on U.S. Gas Prices
Wright argued that increased Venezuelan oil production could benefit American consumers by lowering energy costs across multiple sectors, including gasoline, diesel, jet fuel, and asphalt.
“Americans are going to be winners out of this, as well as the Venezuelans,” he said.
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