Energy secretary says Chevron expansion, US oil role in Venezuela could come ‘pretty quickly'

Core Viewpoint - The U.S. government is looking to increase involvement in Venezuela's oil sector, with discussions planned between President Trump and major U.S. oil companies to explore opportunities for development and investment in the country’s oil resources [2][5]. Group 1: U.S. Oil Companies' Involvement - Chevron is currently the only major U.S. oil company operating in Venezuela, while ConocoPhillips and ExxonMobil had operations there before nationalization under Hugo Chávez [3]. - U.S. Energy Secretary Christopher Wright indicated that there is significant interest from American companies to assist in Venezuela's oil sector, with expectations of a quick increase in Chevron's activities and engagement from other firms like Conoco and Exxon [2][5]. Group 2: Venezuela's Oil Production - Venezuela's oil output has drastically declined from approximately 3.5 million barrels per day in the late 1990s to about 1.1 million barrels per day by the end of 2025, attributed to underinvestment, mismanagement, sanctions, and infrastructure decay [5]. - Wright predicts that with renewed investment and engagement from U.S. companies, Venezuela's oil production could rise from around 800,000 barrels per day to over 1 million barrels per day [7]. Group 3: Strategic Implications - The U.S. government plans to oversee Venezuelan oil sales as part of efforts to support the country's transition post-Maduro, aiming to align incentives for both nations and improve conditions in Venezuela [5][7]. - Wright emphasized the importance of collaboration, stating that Venezuela could benefit from working with the U.S. to enhance oil revenue and address issues of criminality and displacement [6][7].