US Energy Secretary Chris Wright Heads to Venezuela to Finalize Controversial Oil Deal

US Energy Secretary Chris Wright is scheduled to travel to Venezuela following the approval of a controversial agreement that grants the United States effective control over a major portion of the nation's oil reserves. According to an anonymous US official, the visit on Tuesday aims to advance the Trump administration's energy strategy, which the official described as a vital step to secure reliable oil supplies at cost and serve national interests.

While critics have likened the arrangement to colonial-era mandates, the interim government led by Venezuelan President Delcy Rodriguez defended the pact as a necessary boost to the local economy. The National Assembly, spearheaded by her brother Jorge Rodriguez, officially backed the measure in a vote on Tuesday. However, the move faced dissent within the assembly, as opposition lawmakers like Luis Emilio Rondon abstained and demanded full transparency regarding the unreleased fine print of the treaty.

The agreement provides the US access to 65 billion barrels of proven oil reserves—accounting for roughly one-fifth of Venezuela's total—through a 100-year lease to extract resources from 17 large oil fields in partnership with a private entity. The White House confirmed its collaboration with North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt. The newly formed corporate structure will grant the US Defence Department a 35 percent ownership stake, while the State Department secures the right to acquire 20 percent of the produced oil at cost.

Despite past criminal investigations into Betancourt in Spain and Switzerland, a US official defended the partnership, noting the absence of active charges in the United States and emphasizing the strategic necessity of countering Chinese and Russian influence in the region. Addressing questions about democratic transitions, the official indicated that immediate elections are unfeasible and working with current structures is unavoidable. Meanwhile, energy giant Chevron is expected to sign an expansion agreement on Wednesday, as the Trump administration continues to reshape Venezuela's energy sector following the January 3 military operation that removed former President Nicolas Maduro and brought President Delcy Rodriguez to power.