U.S. Energy Secretary Chris Wright has announced a major American investment in Venezuela’s oil sector, confirming that more than $100 million will be directed toward upgrading a Chevron-operated crude processing facility and expanding production capacity. Speaking during a televised interview from the site, Wright stated that the modernization effort is already underway and is expected to significantly increase throughput, marking one of the most substantial U.S. energy engagements in Venezuela in decades.

Wright also revealed that a Chevron field visited earlier in the day is on track to double its oil production within the next 12 to 18 months, with longer-term projections suggesting even greater growth if current reforms and cooperation continue. The investment is part of a broader strategy by the Trump administration to revive Venezuela’s energy infrastructure, which has suffered years of underinvestment, sanctions, and operational decline.

The initiative reflects a wider policy shift toward renewed U.S.–Venezuela energy cooperation following political changes in Caracas and the introduction of new licensing frameworks that allow American firms to operate under structured oversight. Chevron remains the only major U.S. oil producer currently active in the country, and its expansion is seen as a test case for whether Western capital and technology can restore output in a nation that holds the world’s largest proven crude reserves but is currently producing only about one million barrels per day.

Administration officials argue that increased production will benefit both Venezuelan economic recovery and broader hemispheric energy stability, while also strengthening U.S. influence in a sector previously dominated by geopolitical rivals. In addition to oil output, Wright highlighted parallel discussions with service companies interested in rebuilding Venezuela’s electricity grid, emphasizing that energy reliability is essential to improving living standards and supporting industrial growth.

Recent U.S.-managed oil sales from Venezuela have already generated more than $1 billion, with projections of up to $5 billion in additional revenue in the coming months if current export arrangements continue. Those funds are being directed toward the country’s interim administration as part of a structured transition framework tied to economic reform and future elections.

Energy analysts note that while the announced investments are significant, Venezuela’s infrastructure challenges remain substantial and will require sustained capital, regulatory stability, and technical rehabilitation to achieve long-term production gains. Nevertheless, the Chevron expansion represents a concrete step toward reversing the country’s output decline and reestablishing commercial energy ties with the United States.

The visit by Wright—the highest-ranking U.S. official to travel to Venezuela in years—underscores the strategic importance the Trump administration places on energy diplomacy as a tool for economic development, regional influence, and market stabilization. If the projected production increases materialize, the initiative could reshape oil flows in the Western Hemisphere and position Venezuela once again as a meaningful supplier within global energy markets.