Chris Wright appeared with Delcy Rodríguez as the U.S. weighs Venezuela oil policy and Chevron implications.
Why it matters: The move could affect U.S. energy firms, traders, sanctions watchers and policymakers tracking Venezuela crude flows. It also matters for Chevron, which has had a major presence in the country.
- U.S. Energy Secretary Chris Wright appeared with Venezuela Vice President and oil minister Delcy Rodríguez at a joint news conference on Sept. 2, 2026.
- The White House said Sept. 1 it was partnering with North American Blue Energy Partners as part of Trump's push to tap Venezuela's oil industry.
- Treasury's OFAC updated Venezuela-related general licenses on Aug. 27, including permissions tied to oil and gas, diluents, supplies, minerals and telecommunications.
- AP reported Chevron is the second-largest U.S. oil company and the only one with a major presence in Venezuela.
U.S. Energy Secretary Chris Wright appeared with Venezuela's Delcy Rodríguez at a joint news conference on Sept. 2, as Washington weighs its Venezuela oil policy and the implications for Chevron.
AP reported that the backdrop included a new oil arrangement and expanded Chevron operations in Venezuela. In AP's account, Chevron is the second-largest U.S. oil company and the only one with a major presence in the country. The AP report did not spell out the full terms of the arrangement in public detail.
Separately, the White House said Sept. 1 that it was partnering with North American Blue Energy Partners, or NABEP, as part of President Donald Trump's effort to tap Venezuela's oil industry. AP reported that the deal would give the Pentagon's Office of Strategic Capital a 35% ownership stake in the private company and a right to purchase 20% of output at cost. AP also reported that Rodríguez is giving the company 100-year rights over 17 oil fields with proven reserves of 65 billion barrels. The AP report uses that wording; it is not presented in the dossier as a contract term or an exact quotation.
On the sanctions side, Treasury's OFAC updated Venezuela-related general licenses on Aug. 27. OFAC's notice and sanctions page show multiple active licenses, including GL 46D and GL 50C, covering oil and gas, diluents, supplies, minerals and telecommunications.
By the numbers
- 35% - AP reported the Pentagon's Office of Strategic Capital would get a stake in North American Blue Energy Partners.
- 20% - AP reported the Pentagon office would have a right to buy this share of output at cost.
- 65 billion barrels - AP reported the proven reserves tied to 17 oil fields in the arrangement.
Yes, but: The public record in the dossier does not fully spell out the deal terms, so some of the reported claims remain attributed to AP rather than confirmed in primary documents.