U.S. Promotes Investments in Venezuela, Energy Secretary Warns About Legitimacy of Agreements with China

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Venezuela’s Acting President, Delcy Rodríguez, Meets with U.S. Energy Secretary Chris Wright in Caracas

Venezuela’s Acting President, Delcy Rodríguez, meets with U.S. Energy Secretary Chris Wright in what is the highest-level U.S. visit focused on energy policy to the OPEC nation in nearly three decades, as Washington conducts its first on-the-ground assessment of the oil industry it aims to help rebuild, in Caracas, Venezuela, February 11, 2026. REUTERS/Leonardo Fernández Viloria

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By Marianna Parraga, Sarah Kinosian, and Timothy Gardner

Thu, February 12, 2026, 12:42 p.m. GMT+9 4 min read

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By Marianna Parraga, Sarah Kinosian, and Timothy Gardner

CARACAS/HOUSTON Feb 11 (Reuters) - U.S. Secretary of Energy, Chris Wright, pushed Wednesday to expand American investments in Venezuela during the U.S. high-level visit focused on energy policy in nearly three decades, while warning about the potential illegitimacy of some Chinese companies’ business dealings in the OPEC country.

Wright said the U.S. is ready to help boost oil, gas, and energy production in the country, following discussions with Acting President Delcy Rodríguez at the Miraflores presidential palace in Caracas, emphasizing that President Donald Trump is committed to transforming the relationship between the two countries.

“We believe, and I think I can say, that if Americans and Venezuelans work together this year, we can significantly increase oil, natural gas, and electricity production,” Wright told reporters outside the presidential palace alongside Rodríguez.

This effort is expected to create more job opportunities, higher wages, and a better quality of life for Venezuelans, while benefiting the U.S. and the Western Hemisphere, Wright said. He added that the U.S. wants to “free the people and the economy.”

After meeting with Rodríguez, Wright told the press in a roundtable that agreements with legitimate Chinese companies are acceptable in Venezuela, but the Trump administration is trying to avoid “harmful” deals that Beijing companies have closed in other countries.

“China signs many agreements in countries where they are not mutually beneficial,” he said. “They have been quite damaging to nations in South America, Africa, and around the world. That’s why, with U.S. help and collaboration, we want to curb such deals.”

China has already purchased some of the crude offered by the U.S., the Energy Secretary said.

Venezuela owes billions of dollars to industries, oil companies, and mining firms after a wave of nationalizations. However, the secretary added that the risk of energy companies investing in the country is now lower after the government approved the oil reform last month. While the changes may not be enough to attract large capital flows, they are a step in the right direction, he explained.

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On Tuesday, the U.S. issued a new general license to facilitate oil and gas exploration and production in Venezuela. This authorization complements previous licenses that broadly permitted oil exports and fuel imports.

These licenses are considered a relief because they provide clarity to U.S. companies while maintaining the previous case-by-case review standard for non-U.S. entities. The review of sanctions on oil exports and sales specifically excludes companies and individuals from rival countries like China, Iran, and Russia.

BUSY AGENDA

Wright and Rodríguez face the monumental task of organizing the recovery of Venezuela’s oil industry after decades of underinvestment, mismanagement, and U.S. sanctions, prioritizing U.S. investors.

Wright’s visit follows the detention of President Nicolás Maduro by U.S. forces in early January, a $2 billion oil supply agreement signed shortly after between the U.S. and Venezuela, and a $100 billion reconstruction plan for the country’s energy sector promoted by Trump.

Wright said no discussion of Venezuela’s elections took place on Wednesday. Acting President Rodríguez expressed that same day her hope that the Caracas-Washington relationship would progress “without difficulties or setbacks.”

The last U.S. Energy Secretary to visit Venezuela was Bill Richardson, who made several trips between 1998 and 2001 during Bill Clinton’s presidency. Since then, high-level visits to Caracas by U.S. officials have been almost nonexistent due to tense bilateral relations with former President Hugo Chávez and later Maduro.

Wright also plans to meet with executives from Chevron and Spain’s Repsol. He is expected to visit Petropiar, the largest oil project operated by Chevron and state-owned PDVSA, in Venezuela’s main oil region, the Orinoco Belt, according to sources familiar with the arrangements.

Wright’s visit, amid Venezuela’s volatile political climate, reflects a long-term U.S. strategic interest in Venezuelan oil, as Washington seeks to reshape global energy markets and pressure Russia, according to Thomas O’Donnell, an analyst specializing in energy geopolitics.

The Trump administration has gone beyond disconnecting Venezuela from Russian and Chinese influence to promote a “U.S. energy dominance doctrine” that could eventually enable the U.S. to dismantle Russian oil if geopolitics require it, he said.

Washington continues working on licenses that allow Venezuelan companies to buy products, invest, boost oil production, create new jobs, and increase export revenues, Wright stated Wednesday.

(Reporting by Marianna ​Párraga, Nathan Crooks, Sheila Dang, Timothy Gradner, Sarah Kinosian, and Reuters staff. Edited in Spanish by Javier Leira)

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