U.S. energy secretary anticipates greater investment in Venezuela's oil industry

U.S. Energy Secretary Chris Wright said the risk profile in Venezuela shows a drastic shift and anticipated a wave of investment following recent bilateral energy agreements, according to El Nacional on September 7, 2026.

In his remarks, the official stressed that private and international companies are evaluating a commitment horizon spanning several years and even decades. According to El Nacional's coverage, these alliances seek to revive the sector's operating infrastructure, including the rehabilitation of local refineries considered outdated and dilapidated.

To put the scale of these operations in perspective, the agreements provide for terms of up to 25 years in key areas of the Orinoco Oil Belt, such as the Junín 5 field, a formation that holds 35 billion barrels of certified oil and whose current output stands at around 12,000 barrels per day, according to reports published by El Nacional.

On the macroeconomic outlook, the U.S. energy chief expects the South American nation to surpass 1.5 million barrels per day in 2027. This increase in extraction aims to inject greater fiscal revenue and royalties into the state, as well as add supply to a global market with strong crude demand.

Despite expectations of economic revival driven by foreign giants, local analysts cited by El Nacional warn that the arrival of capital requires clear accountability mechanisms to ensure that the expansion of the sector effectively benefits the population.