US, towards a new oil boom in Venezuela - US Energy Secretary warns of a doubling of production
Venezuela's oil production is expected to double in the coming years, as American and international companies are preparing to sign new investment agreements in the country's energy sector.
The statement was made by US Energy Secretary Chris Wright during his visit to Caracas, where he is expected to hold meetings with officials and representatives of the oil industry.
Venezuela, the country with some of the world's largest oil reserves, currently produces about 1.1–1.2 million barrels of oil per day. Production has fallen sharply from levels in the 1990s, when it exceeded 3 million barrels per day, due to a lack of investment, mismanagement, and US sanctions.
Wright said the new investments will significantly increase the supply of oil on the international market and could put downward pressure on prices.
Among the companies expected to sign new agreements are Chevron, the largest American oil producer in Venezuela, the Italian company Eni, the Indian ONGC, the Colombian GeoPark and the American company GE Vernova.
Wright's visit comes after US President Donald Trump announced a deal aimed at giving the US long-term access to a significant portion of Venezuela's oil reserves.
Under the agreement, the private American company North American Blue Energy Partners (NABEP) will receive a 100-year lease for 17 oil fields, which are estimated to contain about 65 billion barrels of proven reserves.
Meanwhile, Wright stated that Americans can also expect lower gasoline prices in the coming weeks, attributing it to the Trump administration's measures to ease regulations on refineries.
According to him, the main challenge for prices in the US is not only oil supply, but also refining capacity.
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