US Seeks to Increase Venezuela Oil Production by 40 Percent

JAKARTA - US Energy Minister Chris Wright is targeting up to 40 percent growth in Venezuelan oil production when reviewing major oil facilities in the Orinoco Belt.

Wright's high-profile visit to Venezuela comes after a political change on January 3, when US forces arrested President Nicolas Maduro in a military operation in Caracas amid claims by the Trump administration that he was leading a "corrupt and illegitimate government" involved in a major drug trafficking network that smuggled cocaine into the US.

This has prompted the US government to significantly loosen long-imposed sanctions and lift an oil embargo to revitalize Venezuela's energy sector.

"We expect to see a 30-40 percent growth in Venezuelan oil production this year," he told reporters during a visit to Petroindependencia, a joint venture between Venezuela's state-owned oil company PDVSA and US energy giant Chevron.

"We have to change the game here for a victory for the Venezuelan people, a victory for America, and a victory for the entire Western Hemisphere," he added.

The experts accompanying the delegation ensured that although Petroindependencia currently produces around 40,000 barrels per day, the existing infrastructure has untapped potential to reach 300,000 barrels per day with immediate investment and technical improvements.

The visit came just a day after Wright officially declared the US oil embargo on Venezuela had ended.

"The quarantine of this oil has clearly ended in essence," he said.

After meeting in Caracas with Rodriguez and US Acting Charge d'Affaires Laura Dogu, Wright described the previous decade of sanctions as a "quarantine" that was eventually lifted to stabilize global markets.

Meanwhile, US President Donald Trump echoed this optimism from Washington on Thursday. He described the current relationship between the two countries as a moment of extraordinary cooperation.

Wednesday's meeting marked the first time a member of President Trump's cabinet has visited Venezuela.

Under Maduro's rule, Trump once sent a special envoy, Richard Grenell, to the country to negotiate the release of US prisoners, but Grenell's negotiations with the Venezuelan government ended in October when Washington increased pressure on the Venezuelan government.