A Deal That Redefines Energy Geopolitics
On September 2, 2026, at the Miraflores Palace in Caracas, oil agreements were signed between the United States and Venezuela, in an event led by US Energy Secretary Chris Wright and Venezuela's interim president Delcy Rodríguez. These agreements, which are not linked to the controversial Caracas-Washington pact (granting the US access to 17 oil fields), represent a milestone in bilateral relations.
Top-tier companies such as Chevron, Eni, GE Vernova, Primavera, and Aspect Holdings participated. Venezuela's current production is approximately 1.25 million barrels per day (bpd), far below the peak of 3 million reached in the late 1990s. The US investment plan of $100 billion aims to double that figure.
Key Investments
| Company | Investment | Objective |
|---|---|---|
| Chevron | Over $7 billion | Double production to ~600,000 bpd in 5 years |
| Eni | $1.5 billion | Production of 400,000 bpd by end of decade (Junín 5 area) |
| GE Vernova | Strategic alliance | Strengthen the electricity sector |
Statements from the Protagonists
Donald Trump, US President, downplayed expectations of a democratic transition: “I just think they're not ready yet. It's very new. We got them out of a dictatorship and we're getting along very well with the government.” For his part, Chris Wright highlighted: “I believe the agreements signed today, with billions of dollars in investment and ultimately many jobs created, are essential to begin bringing peace, opportunities, and prosperity for all.” He added: “We are trying to work at what I call Trump speed. President Trump didn't want a nudge or a slow evolution in the right direction. He wanted to see a transformation as quickly as possible in Venezuela.”
Delcy Rodríguez thanked Trump for “all the joint effort his government has deployed” and called the agreements a “win-win”. She considered oil development essential for global energy security and highlighted the GE Vernova agreement as the most important for electricity supply.
The Role of Marco Rubio and the Opposition
Secretary of State Marco Rubio announced a new round of negotiations between the interim government and the opposition in about 10 days. He stressed that “democratic elections are not simply reduced to holding a vote” and defended the agreement: “it guarantees that the United States—not China, Russia, or Iran—occupies a strategic position with the largest oil producer” on the continent.
Context: Maduro's Capture and the Path to Normalization
This agreement comes 7 months after the capture of Nicolás Maduro by the US military. In August, the first cycle of dialogue between the interim government and the opposition took place, promoted by Washington. Alejandro Betancourt, a Venezuelan businessman, was not present at the signing, but his company NABEP is about to close a deal to access a fifth of the country's oil reserves.
Criticism of the Agreement
María Corina Machado, opposition leader, questioned the legitimacy of Delcy Rodríguez's government to commit reserves: “The wealth of our soil does not belong to an illegitimate regime.” However, she did not directly criticize Washington, which she considers the “main partner” Venezuela needs, and asked that the agreements be structured under legitimate authorities.
Rafael Ramírez, former Oil Minister, was harsher: “It is a harmful agreement, very bad for our future as an oil country, because sovereignty over more than 23% of our reserve is being ceded.” He criticized that NABEP, a “newly created company with no experience,” is being given control of production, and compared the situation to the era of Juan Vicente Gómez. Ramírez, exiled in Italy and accused of corruption (which he denies), noted that Rodríguez's government is “transitional” and should have called elections within 6 months. He also compared revenues: during his tenure (2004-2014), $500 billion were delivered to the treasury, while the current agreement provides $200 billion over 25 years.
Context on PDVSA
PDVSA's production fell from 3.7 million barrels per day (before Chavismo) to less than 400,000 in 2020, its historical low. Ramírez led the company until 2014 and denies responsibility for the collapse, blaming Maduro and Delcy Rodríguez. He also denied discounts on oil sales to Cuba, although independent analyses indicate a 16% discount and barter for medical personnel.
This agreement marks a turning point in bilateral relations, with investments promising to transform Venezuela's oil industry and consolidate US influence in the region.