US Energy Secretary Visits Caracas to Launch Historic Oil Sector Reconstruction
Caracas, Wednesday, 11 February 2026.
Marking the first high-level US energy visit in nearly 30 years, Secretary Chris Wright met Acting President Delcy Rodríguez today to kickstart a $100 billion overhaul of Venezuela’s oil sector, signaling a major diplomatic thaw following recent market-opening reforms.
A Diplomatic Milestone at Miraflores
Today, Wednesday, February 11, 2026, United States Secretary of Energy Christopher Wright arrived at the Miraflores Palace in Caracas for a high-stakes meeting with Venezuelan Acting President Delcy Rodríguez [1][2]. This engagement marks the first visit by a high-ranking U.S. official focused on energy policy in nearly three decades, with the last comparable diplomatic mission occurring between 1998 and 2001 under former Secretary Bill Richardson [3]. The meeting was attended by key Venezuelan stakeholders, including PDVSA President Héctor Obregón Pérez and Félix Plasencia, the diplomatic representative to the U.S., underscoring the intent to stabilize regional energy markets through high-level dialogue [1].
Legislative Reforms and Sanction Relief
The diplomatic thaw follows a series of rapid legal and regulatory shifts within Venezuela. On January 29, 2026, the Venezuelan National Assembly approved a critical reform to the hydrocarbon law, granting foreign producers operational and financial autonomy—a structural change designed to attract private investment back to the state-controlled sector [3]. In response to these reforms and the capture of former President Nicolás Maduro in early January [3], the U.S. Treasury Department has moved to ease sanctions. On February 9, 2026, the Treasury issued two new licenses for U.S. companies [2], followed by a general license on February 10 to facilitate broader oil and gas exploration and production [3].
The Economics of Reconstruction
These regulatory adjustments are the foundation of a massive $100 billion reconstruction plan for Venezuela’s energy industry, a strategy heavily promoted by President Donald Trump [3]. Immediate economic cooperation is already underway, evidenced by a $2 billion oil supply deal agreed upon shortly after the leadership transition in January [3]. Venezuelan authorities are optimistic about the financial impact of these developments; Acting President Rodríguez has estimated that the nation’s crude oil sales revenue will increase by 37% in 2026 [2].
Operational Challenges and Strategic Outlook
Despite the ambitious financial targets, the operational reality remains complex. Secretary Wright, who has described PDVSA’s current state as a significant decline from its professional peak 30 years ago [5], emphasized the need for technical competence to attract international capital [5]. The scale of the challenge was highlighted by U.S. Senator John Hickenlooper, who compared the reconstruction effort to an “impossibly difficult high dive” [3]. To assess the infrastructure firsthand, Wright is scheduled to visit the Anzoátegui facilities of Petroindependencia and Petropiar—operated by Chevron—tomorrow, February 12 [2]. The U.S. anticipates that this economic stabilization will precede democratic elections, expected to be held within the next 18 to 24 months [5].