A Historic Agreement Redefining Energy Geopolitics
Between September 2 and 3, 2026, Caracas was the stage for an unprecedented energy summit between Venezuela and the United States. Venezuela's acting president, Delcy Rodríguez, received US Energy Secretary Chris Wright on his second visit to the country, along with a delegation of top executives from major international energy companies. The result: the signing of agreements aimed at revitalizing hydrocarbon production and modernizing Venezuela's electricity sector.
This pact takes place in an extraordinary political context: Nicolás Maduro was captured on January 3, 2026 in a US military operation and remains detained in that country, accused of narco-terrorism and drug trafficking. Since then, Delcy Rodríguez has assumed the role of acting president, and bilateral relations have taken a 180-degree turn, culminating in this energy agreement signed on August 29, 2026.
“It is the greatest oil deal in history,” declared US President Donald Trump, who also highlighted that the US will gain control of 17 oil fields holding 21.5% of Venezuela's proven reserves, equivalent to about 65 billion barrels.
Chevron: The Giant Doubling Down
The most striking news came from Michael K. Wirth, CEO of Chevron, who announced an investment exceeding 7 billion dollars to increase its production in Venezuela from 250,000 to 420,000 barrels per day in a first phase, and to over 700,000 barrels per day in a second phase. The five-year goal is to reach 600,000 barrels per day, a leap that would consolidate Venezuela as a key player in the global market.
Chevron, which maintained its presence in the country during the most difficult times, now sees a horizon of stability and growth. This production increase will not only benefit the company but also generate significant revenue for the Venezuelan state.
ENI and the Potential of the Perla Field
Italian oil company ENI, led by its CEO Claudio Descalzi, also signed strategic agreements. The most notable is the development of the Perla Gas Field, with a potential exceeding 25 TCF (trillion cubic feet), and the Corocoro Field, with a potential of 3 to 6 PCF. Drilling of the first well is scheduled for December 2026, and the joint goal is to reach one million barrels per day.
Additionally, PDVSA will increase its production by 200,000 barrels per day thanks to collaboration with ENI in the Junín 5 field, and other contracts would add 70,000 additional barrels per day.
Electricity Recovery: General Electric and 1,000 Jobs
The electricity sector, one of the hardest hit in Venezuela, will also receive a boost. General Electric Vernova, represented by Roger Martella, signed an agreement with Corpoelec for the recovery and modernization of the power grid. It is estimated that over 1,000 jobs will be created to carry out this task, a relief for a system that has suffered recurring blackouts.
The agreement seeks to balance the global energy balance and prevent the production increase from overloading the electrical system, a technical challenge that will require sustained investment.
Alejandro Betancourt and Nabep: The Controversial Intermediary
One of the names that resonates most in this agreement is that of Alejandro Betancourt, a Venezuelan businessman and director of North American Blue Energy Partners (Nabep), a company registered in Barbados. His company is actively involved in the pact, and the US will obtain 35% of Nabep's shares.
Betancourt, who acted as an intermediary between Washington and Caracas after Maduro's capture, has been linked to controversies and corruption accusations in Venezuela, Spain, Switzerland, Andorra, and the US, although he has not been formally charged in US territory. He was detained in London in 2025 over a Swiss investigation, but the exit ban was lifted in May 2026.
Reactions and Outlook
Delcy Rodríguez celebrated the agreement, assuring it will boost employment, wages, public services, and well-being for Venezuelans. She highlighted legal security and the reform of the Hydrocarbons Law, which will protect contracts.
On the other hand, opposition leader María Corina Machado warned the US that its “enemies” are in the Miraflores Palace, referring to Delcy Rodríguez's government, casting doubt on the political stability of the agreement.
US Secretary of State Marco Rubio stated that the agreement will bring nearly 100 billion dollars in private investment and support thousands of jobs, both in Venezuela and the United States.
An Uncertain but Hopeful Future
This agreement marks a milestone in bilateral relations and opens a window of opportunity for Venezuela's economic recovery. However, political challenges and the shadow of corruption remain. What is certain is that, for the first time in years, the country is looking forward with a concrete plan to reactivate its oil and electricity industry.
The international community watches closely as foreign companies position themselves to take advantage of the potential of a country that, despite everything, remains one of the world's largest oil reservoirs.