Currently Chevron is the only U.S. oil firm operating in Venezuela.
ByNicholas Kerr and David Brennan
Secretary of Energy Chris Wright told reporters on Sunday that more American companies are expected to enter Venezuela within the next few months, adding that the country may also hold an election before the end of 2027.
Wright traveled to Venezuela last week and met with interim President Delcy Rodriguez, who assumed office after the U.S. operation to capture President Nicolas Maduro in early January.
President Donald Trump has said that his administration will work with private U.S. companies and the government in Caracas to expand Venezuelan oil production and exports -- with the U.S. controlling the revenue of oil sales.
"You know, Chevron's on the ground right now," Wright said Sunday, referring to the U.S. energy giant which is currently the only American oil firm operating in Venezuela. "They are growing their production this month and next month," Wright said.
"New American companies will be entering Venezuela in the next few months this year," he added, though did not specify which companies.
On Friday, the Treasury Department's Office of Foreign Assets Control issued two new general licenses allowing BP, Shell, Chevron, Eni and Repsol to operate within Venezuela and strike deals with the country and its state-owned oil company, PDVSA.
Wright projected a "meaningful rise in Venezuelan oil production" over the next year, the majority of which he said would flow primarily to U.S. oil refineries in Florida.
Of the relationship the U.S. has with Rodriguez, who Wright met with last Wednesday, the energy secretary said the interim Venezuelan leader was "very motivated."
"Number one, we control the flow of funds from oil sales into Venezuela, so she's got a strong motivation there to work for us," Wright said.
"And this long-term plan is to bring free and fair elections, to bring a representative government. You're the leader of a country going into [an] election, you better start doing things that make life for Venezuelans better," Wright said.
But when pressed on whether elections could be held in Venezuela this year, Wright dismissed the prospect but said an election before the end of 2027 was possible.
"I think this year is too soon," Wright said. "To get a free and fair election, you've got to construct voter rolls and all that. That's too soon, but an election before next year ends is a real possibility," he said.
Asked whether Americans would see the impact of increased production at the gas pump, Wright claimed that the Venezuelan oil trade would result in lower prices in multiple sectors.
"We're going to see increased downward pressure on gas prices, diesel prices, jet fuel pressure, even asphalt prices," Wright said.
"Americans are going to be winners out of this, as well as the Venezuelans," he said.
