A 30-minute U.S. military operation on January 3rd successfully removed Nicolás Maduro from power in Venezuela, clearing the path for a substantial expansion of the country's energy sector, according to Energy Secretary Chris Wright.
Wright told Fox News Digital that Venezuela's national energy production is expected to more than double by the end of 2027. He specifically noted that Chevron is projected to more than double its energy production in the country. "In fact, that national energy production in Venezuela will more than double by the end of next year from the intervention on January 3rd this year," Wright stated at the RNC Midterm Convention.
The military action, dubbed Operation Absolute Resolve, involved a joint military and law enforcement raid that lasted less than 30 minutes, according to War Secretary Pete Hegseth. Wright characterized the intervention as a bold foreign policy move by President Trump, allowing the U.S. to gain leverage over the Venezuelan government.
Chevron has secured an investment exceeding $7 billion over five years, with plans to increase its Venezuelan oil production to 600,000 barrels per day, according to a company press release. This development comes as Venezuela holds over 300 billion barrels of crude reserves, approximately 20% of the world's total.
Wright also highlighted that shifting the center of global energy production towards the Western Hemisphere would position the U.S. at the core of this energy landscape, with Canada, Guyana, and Mexico as major suppliers. Millions of barrels of newly produced Venezuelan oil are slated to be processed through U.S. refineries, utilizing American rigs and infrastructure, which the White House anticipates will create thousands of American jobs.
The administration's strategy in Venezuela is seen as a means to leverage energy investments to encourage political change. This initiative gains added significance amid disruptions to oil shipments through the Strait of Hormuz due to the ongoing conflict with Iran, which has contributed to rising U.S. gasoline prices. The average U.S. price for regular gasoline has increased significantly over the past year, according to AAA.
"We're solving a 47-year conflict with Iran. We cannot have a nuclear-armed Iran. This is a nation sounding death to America and doing everything they can to implement it. But we've massively grown United States natural gas exports, good for our economy, good for the world economy," Wright added, referencing broader U.S. energy policy goals.