Energy Sec. Wright on Venezuela oil deal: U.S. government will not be the operator of those reserves

• The deal is a partnership between the U.S. government and a Venezuelan company (Neebap) to develop oil and gas resources, not a 'taking' of property.
• Private businesses, not the U.S. government, will operate and drive the growth of oil and gas production in Venezuela.
• U.S. involvement aims to increase confidence for private companies to invest, with U.S. oversight and enforcement of law and contracts.
• Venezuela's oil production is projected to increase by 50% within 12-18 months (to over 1.5 million barrels per day) and exceed 2 million barrels per day by 2030.
• Increased Venezuelan production is expected to put downward pressure on global oil prices.

U.S. Energy Secretary Chris Wright discusses a new deal to partner with a Venezuelan company, Neebap, to develop oil and gas resources. The U.S. government will not operate the reserves, but its involvement aims to increase confidence for private businesses to invest. This initiative is expected to boost Venezuela's oil production significantly, leading to downward pressure on global oil prices and fostering economic relations.