CARACAS — U.S. Energy Secretary Chris Wright arrived in Venezuela on Tuesday, announcing that upcoming agreements between U.S. and international oil companies and the Venezuelan government are expected to more than double the country’s crude oil production over the next several years.

Wright’s visit to the OPEC founding member marks his second trip since the U.S. military captured Venezuelan leader Nicolas Maduro in January. The U.S. official indicated that contracts scheduled for signing in Caracas in the coming days would play a pivotal role in revitalizing Venezuela’s oil sector, which has suffered sharp declines due to underinvestment, mismanagement, and U.S. sanctions.

Venezuela’s oil output, which surpassed 3 million barrels per day (bpd) in the late 1990s, fell dramatically over two decades and has hovered recently around 1.1 million to 1.2 million bpd, with a slight increase following Maduro’s capture. Wright emphasized that increased production from new investments would place downward pressure on global oil prices. However, he noted refining capacity remained the primary constraint on gasoline and diesel prices in the near term.

Included among the companies poised to finalize deals are Chevron, the largest U.S. operator in Venezuela, alongside Italy’s Eni, India’s ONGC, Colombia’s GeoPark, and the American firm GE Vernova. These agreements are expected to support a significant expansion of energy infrastructure and operations in the country.

Wright’s visit comes shortly after President Donald Trump announced a separate arrangement granting a U.S.-backed private firm, North American Blue Energy Partners (NABEP), a 100-year lease on 17 Venezuelan oilfields containing approximately 65 billion barrels of reserves. NABEP, controlled by Venezuelan businessman Alejandro Betancourt, entered this deal without a competitive bidding process, prompting concerns among some industry observers.

Betancourt has faced investigations by U.S. and European authorities related to past business dealings but has never been formally charged. NABEP has defended Betancourt’s record, citing his more than 15 years of experience in Venezuela’s oil sector. A senior U.S. official traveling with Wright described Betancourt as “not a bad actor” and highlighted that many of the oilfields under NABEP’s control were previously managed by Chinese and Russian entities. The official also noted that Betancourt brought oil rigs from Texas, promoting job creation in both the U.S. and Venezuela.

Addressing potential geopolitical tensions, the U.S. official downplayed the likelihood of Chinese disapproval, stating that Washington maintains a strong bilateral relationship with Beijing and that the move was not unexpected. In response, China’s Foreign Ministry spokesperson reiterated that its cooperation with Venezuela is protected by international law and called for the safeguarding of its interests in the country.

In addition to oil developments in Venezuela, Wright mentioned that on Monday, 17 million barrels of oil passed through the Strait of Hormuz—the highest volume since the reduction of flows following the conflict between the U.S. and Israel against Iran.

Wright’s plane landed at Simon Bolivar International Airport in Maiquetia, La Guaira state, as part of the efforts by the U.S. administration to engage with Venezuela’s energy sector and influence global oil markets.