Bloomberg Talks US Energy Secretary Chris Wright Talks Venezuela, Oil
Jan 9, 2026
Chris Wright, U.S. Secretary of Energy and former oil industry executive, explores the ambitious plan to rejuvenate Venezuela’s oil sector. He discusses a $100 billion investment strategy involving major oil companies eager to jump back in. Wright highlights Chevron's plans and expectations for a production surge in the coming years. He addresses security concerns, the absence of U.S. financial backing, and clarifies the importance of both oil and nuclear energy in meeting global demands.
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Large Private Investment Is Expected Quickly
- Chris Wright says major oil firms are eager to invest in Venezuela and could deploy $100 billion over 10 years.
- He expects immediate ramp-ups from companies already on the ground, driving production gains within months.
Act On Existing Projects Immediately
- Wright highlights Chevron's licensing progress and a potential 50% production rise in 18–24 months.
- Companies should act on existing projects now to accelerate output and restore operations.
No U.S. Ground Troops Planned
- Security details remain unsettled but U.S. military ground operations are not planned.
- The administration plans to rely on a blockade and partnerships with interim Venezuelan authorities instead.