U.S. Energy Secretary Chris Wright Embarks on Mission to Evaluate Venezuelan Oil Industry Reforms

CARACAS – The United States has once again underscored its commitment to revitalizing Venezuela’s beleaguered oil industry. On Wednesday, Energy Secretary Chris Wright arrived in the South American nation to personally evaluate the situation, signaling a continued U.S. effort to rejuvenate this critical sector.

Wright’s visit coincides with the U.S. government’s ongoing strategy under President Donald Trump to ease sanctions, thereby permitting foreign companies to engage in Venezuela. The ultimate goal is to rejuvenate the nation’s faltering oil industry, which has long been the backbone of its economy. This move follows a pivotal change in Venezuelan law last month, which now permits private investment in the oil sector—a significant shift away from the socialist policies that have dominated the country for over 20 years.

The U.S. Embassy in Venezuela took to the social platform X to extend a warm welcome to Wright, emphasizing the crucial role the U.S. private sector will play in revitalizing Venezuela’s oil industry, modernizing its electric grid, and unlocking the country’s vast potential.

As part of his itinerary, Wright is scheduled to engage in discussions with acting President Delcy Rodríguez, as well as various government officials and oil industry leaders. These talks are anticipated to focus on collaborative efforts to breathe new life into Venezuela’s oil production capabilities.

Rodríguez assumed her position following a dramatic turn of events on January 3, when then-President Nicolás Maduro was seized during a U.S. military operation in Caracas. In a bold move, Rodríguez proposed a comprehensive overhaul of Venezuela’s energy laws, aligning with President Trump’s vision to control and revitalize Venezuela’s oil exports by attracting necessary foreign investments.

Rodríguez’s government expects the changes to serve as assurances for major U.S. oil companies that have so far hesitated about returning to the volatile country. Some of those companies lost investments when the ruling party enacted the existing law two decades ago to favor Venezuela’s state-run oil company, PDVSA.

The new law now grants private companies control over oil production and sales, ending PDVSA’s monopoly over those activities as well as pricing. It also allows for independent arbitration of disputes, removing a mandate for disagreements to be settled only in Venezuelan courts, which are controlled by the ruling party.

Foreign investors view the involvement of independent arbitrators as crucial to guard against future expropriation.

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