US energy secretary says Venezuela oil output to more than double in next few years
Venezuela’s oil output exceeds one million barrels per day and is expected to double within a few years under deals to be signed with the US and other countries.
US Energy Secretary Chris Wright announced during a visit to Venezuela that oil deals between American and foreign companies will result in a more than doubling of crude production over the next few years. Earlier, the Venezuelan oil industry peaked at over 3 million barrels per day in the late 1990s but has struggled due to a lack of investment, mismanagement, and US sanctions, currently producing around 1.1 to 1.2 million barrels per day.
Wright stated that the US government's actions to ease regulations on refiners should lead to lower gasoline prices soon. Chevron, Eni, ONGC, GeoPark, and GE Vernova are some of the companies anticipated to sign energy project agreements in Venezuela. The deals also include a 100-year lease granted to North American Blue Energy Partners to 17 oilfields, holding around 65 billion barrels of oil reserves, controlled by Venezuelan businessman Alejandro Betancourt.
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