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Secretary Chris Wright Discusses Venezuela Oil Partnership Deal in Caracas on CNBC

September 2, 2026 · U.S. Department of Energy · 0:09:26

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Reporting live from Caracas, CNBC’s Brian Sullivan said the United States was preparing to sign a major oil deal in Venezuela and put outstanding questions about it to Energy Secretary Chris Wright. Wright said the deal is about a United States partnership in developing Venezuela’s oil and gas resources; it is not a displacement or replacement of private companies, he said, because business drives progress and will drive growth in Venezuelan oil and gas production, while U.S. participation benefits American taxpayers through discounted oil and the huge reserves — though the U.S. government will not be the operator or producer of those reserves, according to Wright.

Asked whether the deal amounted to a seizure of oil, Wright said absolutely not, and clarified that it is not even a deal between the U.S. government and the Venezuelan government, but between the U.S. government and a Venezuelan company to help develop the resources. He noted Venezuela holds some 12 to 15% of the world’s oil reserves but produces slightly more than 1% of global production — a problem today but an opportunity for tomorrow, as he put it.

Sullivan identified the private company as North American Blue Energy Partners, run by Alejandro Betancourt, and asked whether its legal framework would make other U.S. companies feel safe investing. Wright said he was confident: the company is the second-largest producer in Venezuela today, has been an actual producer for some time, and was a very competent operator, he said. The structure will be subject to U.S. oversight and enforcement of laws and contracts, Wright said, and the goal is to increase private companies’ confidence to come and make deals in Venezuela — which he described as President Trump’s grand plan to replace conflict with commerce, according to the interview.

Why it matters

The Caracas interview is the Energy Department’s fullest public explanation of the Venezuela arrangement’s structure — a partnership with a Venezuelan producer under U.S. oversight, explicitly not a government oil operation.

Scoreboard watch

Scoreboard watch: Wright’s description of the deal — a U.S. partnership with a Venezuelan company to develop resources holding 12–15% of world reserves but producing about 1% of global output, as he stated it — is a checkable characterization of a signed arrangement flagged for the scoreboard editor.

Sources: U.S. Department of Energy, “Secretary Wright Joins CNBC’s Brian Sullivan in Venezuela - September 2, 2026”, 2026-09-02 (official upload, embedded above; published 2026-09-02). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.