U.S. Energy Secretary Chris Wright said Chevron believes it can substantially increase oil production in Venezuela following recent policy changes introduced by Washington.
He said the company has identified a pathway that could lift production by around 50% over the next 18 to 24 months, provided regulatory conditions continue to improve.
Wright explained that the potential expansion would depend largely on permissions and approvals rather than major new capital investment or large-scale infrastructure development.
According to Wright, Chevron responded positively to actions already taken by the U.S. administration in recent weeks.
“Chevron said with the actions that were taken and some additional things we can do for them, .. which is just permissions, approvals,” Wright said.
He added that the company sees “a pathway to grow their production by 50% in the next 18-24 months.”
White House Talks With Energy Executives
Wright’s remarks followed a meeting between President Donald Trump and senior executives from several of the world’s largest oil companies at the White House.
The discussions focused heavily on Venezuela’s energy sector and the potential role U.S. companies could play under tighter American oversight.
When asked whether any binding commitments were made during the talks, Wright said interest from companies was extremely strong.
“Tremendous interest,” he said, while stopping short of confirming that formal agreements had been secured.
The meeting came as the administration signalled that Venezuela’s oil industry could become a central pillar of its broader geopolitical strategy.
Maduro Seizure Draws Global Reaction
Wright also said Washington’s recent interactions with Venezuela had been “fantastic” following dramatic developments over the weekend.
Former Venezuelan leader Nicolas Maduro was seized by the U.S. military during a raid inside the country and later transported to New York.
President Trump confirmed that he personally ordered the operation, marking one of the most aggressive U.S. actions in the region in years.
The U.N. human rights office criticised the move, saying it violated international law and made the world less safe.
Several Latin American governments and U.S. rivals echoed those concerns, describing the operation as unilateral and destabilising.
Long-Term Oversight Of Venezuela
Trump said this week that the United States intends to maintain oversight of Venezuela for “much longer” than a single year.
Administration officials have argued that controlling oil sales and revenue flows will ensure the country acts in America’s interests.
Critics, however, say the approach risks undermining international norms and further destabilising regional politics.
For energy companies, the evolving situation presents significant opportunity alongside elevated political and regulatory risk.
