The Venezuelan government and representatives of foreign companies signed this Wednesday (2) a series of energy agreements at the Miraflores Palace, in Caracas. The event was attended by the acting president, Delcy Rodríguez, and the United States Secretary of Energy, Chris Wright. The initiative takes place within the framework of binational cooperation, announced on August 28, 2026, which focuses on exploring oil reserves estimated at 65 billion barrels, increasing daily production.
The signed contracts seek to reverse the effects of ten years of economic blockade and sanctions that drastically reduced Venezuela’s oil production. To make new investments viable, the country promoted reforms to the Hydrocarbons Law and approved new regulations for the sector in March this year. The central objective is to convert the development of natural resources into social well-being, with investments in health, education and public services.
“Today we are making history with the signing of important agreements, in which the company Chevron expands its presence, its investments and its technology in our country. When I talk about increasing production, I am talking about the well-being of the Venezuelan people. May this increase translate into more jobs, more wages, hospitals, schools and food”, declared the acting Venezuelan president.
“I claim more and more every day the channel and the political-diplomatic dialogue with the United States; it is the mechanism for cooperation and well-being for the countries”, added Delcy Rodríguez.
The new contracts are the result of the pact signed between the Venezuelan and American governments, which involves the exploration of 17 strategic fields and the operation of private companies in eight blocks in the Orinoco Oil Belt. With this, the initial estimate is to increase production by 440 thousand barrels of oil per day. It is estimated that revenue in taxes and duties could exceed US$209 billion, with a direct part of them being reinvested in the nation’s basic infrastructure.
The American Secretary of Energy stated that “the president’s mission [Donald Trump] in Venezuela is to bring peace, freedom, opportunity and prosperity to the people”, ignoring the United States military aggression against the country on January 3, which caused the death of more than 100 people and resulted in the kidnapping of President Nicolás Maduro and his wife, Congresswoman Cilia Flores.
“I believe the agreements signed today, tens of billions of dollars of investment, are critical to starting to get this prosperity ball rolling. We’re trying to work at what I call Trump speed. He wanted to see as rapid a transformation as possible in relations between the United States and Venezuela. If we can replace the conflict of the past with the trade of today and tomorrow, we can build a better world,” Wright said.
The agreements
The agreement with Chevron focuses on the mixed company Petroindependência, to increase production from 250 thousand to 420 thousand barrels per day in a first stage, which represents a growth of 68%. The American oil company plans to invest US$7 billion to double its production capacity over the next five years.
Chevron representative, Javier La Rosa, attended the signing of the new contract at the Miraflores Palace and celebrated the agreement.
“Today’s agreement is an important milestone for Chevron, our partners and the Venezuelan people. It reflects progress toward a more competitive and durable framework for long-term investments. Together with our partners, we expect to invest more than $7 billion and double production to approximately 500,000 barrels per day over the next five years. The world needs more affordable and reliable energy, not less. Venezuela, with its extraordinary resources and talented people, is helping to meet that need,” said the executive.
Who also celebrated the investment agreements in the Venezuelan oil industry was the president of the state-owned Petróleos de Venezuela (PDVSA), Héctor Andrés Obregon, who signed most of the agreements on the Venezuelan side.
“The hydrocarbons sector had structural changes that allowed signatures like the ones witnessed today: the partial reform of the hydrocarbons law, the promulgation of the regulation and a CPP contract adjusted to international standards. This created the ideal conditions of legal security to bring private investment to our country. Our objective is to aim for our own energy generation and ensure that this oil production has reliability and stability”, said the director of the state-owned company.
In turn, the Italian ENI signed a production participation contract to operate in the Junín 5 block, one of the largest in the Orinoco Oil Belt. The project foresees an incremental input of 200 thousand barrels per day.
The company Primavera signed a contract to operate in the Budare Elotes block, with the forecast of adding 70 thousand barrels per day to national production. The project emphasizes the use of cutting-edge technology and the attraction of Venezuelan professionals living abroad.
The agreement with Aspect Holding establishes a joint technical and economic feasibility study for exploration in the Oficina Norte area. This is the first exploratory license of its kind under the country’s new legal framework.
Also part of the agreements signed this afternoon was a partnership with General Electric Vernova, which seeks to recover the electrical infrastructure of the oil industry and the national system through Corpoelec. The goal is to ensure that oil production has its own energy generation so as not to overload the network that serves the population, in addition to modernizing the national system.
Details regarding investments and counterparts were not disclosed. Upon leaving the event, the US Secretary of Energy said that details will be published soon.
Press conference
After the signing of the agreements, the acting president, Delcy Rodríguez, and the United States Secretary of Energy, Chris Wright, held a press conference. In opening statements, the Trump administration official stated that both parties benefit from the new “energy partnership”.
“This agreement that Venezuela is signing with the United States is a winning agreement, in which both parties will get immense benefits. There will be more investment for Venezuela. This will improve the lives of Venezuelans. And, of course, as I said, it will be a win-win agreement,” said Wright.
The secretary also recognized that the immediate objective of the US government is to reduce the price of the commodity, which has soared in recent months, mainly due to the wars promoted by the United States itself in Western Asia.
“Progress to lower oil prices in the United States is happening every day, every week. The long-term benefits will be huge and the short-term benefits will be as big as we can make them. But we are ahead of schedule, ahead of schedule, and I am confident that over the next 12 to 24 months, the progress here and the progress for Americans will be significant,” Wright said.
For his part, Rodríguez emphasized that the economic benefits will be felt quickly by the population through the creation of new jobs. She stated that the government is in contact with business chambers to activate sectors such as metallurgy, hotels and food. The central objective of cooperation is to transform isolated regions into places with roads, electricity and water.
“Venezuela is much broader than our differences. There is a very broad country that is not one of the extremes, it is the majority of Venezuela. With every job that is created, and this will be very fast, I will be responding to Venezuela about the benefits that this brings to our country”, he declared.
“Where today there is a large savanna without any type of development, there we will see roads, electricity, water and infrastructure”, continued the acting president.
“For years we have said that Venezuela has the first oil reserves on the planet, and it is true, but countries that are in eighth, ninth or tenth position are the first exporters in the world. And Venezuela is in position 20. I want workers who have good salaries. I want a citizen who goes to a hospital to be well looked after and for the place to be well equipped. I want quality education and the entire social protection system for our people through the benefits we will receive with these investments”, stated Delcy Rodríguez.
“The other option is to remain contemplative, seeing these lost fields without anything being done”, he added.
Elections and economic sanctions
The acting president of Venezuela was questioned by journalists about holding new presidential elections in the country.
“In Venezuela there is a Constitution. And there is an electoral and democratic system provided for in the Constitution. I do not set the date, but I can tell you that, without rest, since the month of January, the first thing I did was to call for democratic coexistence, because the path that Venezuela had taken was not an election issue. The path in which extremism sees no benefits in these tremendous agreements, the path in which intolerance has imposed itself in relations, the path in which hatred does not allow us to see the other. I have worked tirelessly so that Venezuela is ready and prepared when it comes to its electoral process, which there will be, there is no doubt about that”, he guaranteed.
The Supreme Court of Venezuela validated, on January 5, 2026, the continuity of Nicolás Maduro’s mandate, after his kidnapping, as the country’s Constitution does not provide for the situation of absence under these conditions. Therefore, he determined that the then vice-president, Delcy Rodríguez, would take over as acting president, until the situation was resolved. Or until the end of the current term, which ends in 2030. However, the National Assembly can certify the absolute absence and call new elections in advance.
Alongside Secretary Cris Wright, Rodríguez once again conditioned the holding of elections on the elimination of economic and commercial sanctions and the return of Venezuelan assets.
“There will be an electoral process, but under the conditions in which Venezuela is prepared. We continue to work with the authorities so that the sanctions system can be definitively lifted and the Venezuelan economy, and Venezuela’s social development, can occur without any difficulty”, said the acting president.
Source: www.brasildefato.com.br
