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Oil deal, election dispute
U.S. Energy Secretary Chris Wright traveled to Caracas to oversee the signing of energy deals with Venezuela that were described as worth "tens of billions of dollars of investment" and linked to Washington winning majority control of 65 billion barrels of Venezuelan oil reserves.
“worth "tens of billions of dollars of investment"”
The agreement was framed as a shift in U.S.-Venezuela relations after the removal of Nicolás Maduro, with Wright saying the deals signed by Venezuela with Chevron, GE Vernova, and Italy's ENI were "critical in starting this ball rolling of peace, opportunity, and prosperity" in Venezuela.
Interim President Delcy Rodriguez said she was not surrendering Venezuela's riches, telling reporters that cutting the United States in on Venezuela's oil wealth is necessary to secure investment in the oil sector.
Rodriguez also tied the political transition to an electoral timeline, while U.S. President Donald Trump said Venezuela was not ready for elections as the oil cooperation deepened.
Rodriguez and Trump on timing
Rodriguez told the press after the signing of energy agreements in the presence of Chris Wright that "Do not doubt it, there will be an electoral process, but when Venezuela is ready," while Anadolu Ajansı reported she said no election date was set and that vote would take place when conditions are in place.
In Washington, Trump said, "I just don't think they're ready yet. You know it's very new," and he added, "Delcy wants it. But they're not ready yet," as he praised Rodriguez as "very highly respected."
The dispute over elections unfolded alongside ongoing U.S.-Venezuela efforts to lift sanctions, with Anadolu Ajansı saying Rodriguez said sanctions talks continue ahead of elections.
NBC 6 South Florida reported that Trump’s comments came as the Trump administration moved forward with a relationship with Venezuela centered on the country’s vast oil reserves, including a new oil agreement Wright called "a historic day in the transformation of Venezuela."
Who benefits, what’s at stake
The oil deal described in the sources would give a U.S.-backed venture rights to develop 17 Venezuelan oil fields containing an estimated 65 billion barrels of reserves, and it was structured around a 100-year lease.
“17 Venezuelan oil fields containing an estimated 65 billion barrels of reserves”
Chevron confirmed it would expand its Venezuelan operations, with plans to invest more than $7 billion over the next five years, while Wright said the deals being signed could ultimately bring "tens of billions of dollars in investment" and create thousands of jobs.
Rodriguez defended the cooperation as producing "well-being" for Venezuela and the United States, saying, "When I talk about increasing production, I mean the well-being of the Venezuelan people," as she linked the agreements with Chevron and Eni to increasing crude production.
At the same time, the sources describe a political risk that the election timetable could be delayed, with Trump insisting elections are a goal but that Venezuela needs more time, and with Rodriguez saying she is working so the electoral process can proceed when Venezuela is prepared.