Archive · 4 Sep 2026
Machado Says Democratic Government Needed for Venezuela Oil Investment Stability
Several energy companies agreed to expand their work in Venezuela.
The companies named were Eni, GE Vernova and Chevron.
Venezuela currently produces about 1.25 million barrels of oil each day.
That is much less than its peak of about 3 million barrels per day in the late 1990s.
Interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright watched the signing ceremony.
Opposition leader Maria Corina Machado said investors need a serious democratic government.
She said democracy would make investments more stable, safe and predictable.
U.S. officials defended a separate agreement involving access to 17 Venezuelan oilfields.
Machado said it was unclear who signed that agreement and what Venezuelans would receive.
Eni, GE Vernova and Chevron committed to expanding Venezuelan energy projects.
The signings were overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright.
Venezuela produces about 1.25 million barrels of oil per day, below its late-1990s peak of 3 million.
Maria Corina Machado said only a serious democratic government can provide investors with stability, security and certainty.
Machado questioned the scope and benefits of a separate U.S.-Venezuela agreement granting Washington access to 17 oilfields.
- Who
- Energy companies including Eni, GE Vernova and Chevron; interim President Delcy Rodriguez; U.S. Energy Secretary Chris Wright; opposition leader Maria Corina Machado; and U.S. officials including Donald Trump, Marco Rubio and JD Vance.
- What
- Energy firms committed to expanding Venezuelan projects, while Machado argued that democratic government is necessary for stable, long-term oil investment.
- When
- The project signings occurred on Wednesday; Machado's comments were reported on Thursday, September 3.
- Where
- Venezuela; the separate oil agreement involves Caracas and Washington.
- Why
- The stated goal is to revive Venezuela's struggling oil industry, attract investment and align its energy sector more closely with the United States.
Machado's Concerns
U.S. Administration's Position
Political conditions for investment
Machado's Concerns
Maria Corina Machado said only a legitimate, serious democratic government can provide the stability, security and certainty needed for sustained investment.
U.S. Administration's Position
U.S. officials said cooperation in Venezuela's oil sector can help rebuild the country, align its energy industry with the United States and increase global oil supply.
Timing of elections
Machado's Concerns
Machado's call for democratic legitimacy challenges the political conditions under which the current energy arrangements are being developed.
U.S. Administration's Position
Donald Trump and Secretary of State Marco Rubio said the time is not yet right for elections, though Trump said elections would come soon.
Scope and benefits of the oil deal
Machado's Concerns
Machado said it was unclear who signed the Caracas-Washington agreement, what guarantees it provided and what benefits it would bring Venezuelans.
U.S. Administration's Position
JD Vance said the agreement would benefit both countries, send substantial revenue to Venezuelans and provide royalties to Americans, while offering no timeline.
- Venezuela's current oil output
- About 1.25 million barrels per day.
- Late-1990s production peak
- About 3 million barrels per day.
- Companies expanding projects
- Eni, GE Vernova and Chevron.
- Officials at signing ceremony
- Interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright.
- Separate U.S.-Venezuela agreement
- The deal gives the United States access to 17 oilfields.
- Machado's position
- She said profitability, certainty and security for investors require a serious, democratic government.
- Election dispute
- International observers criticized the official 2024 presidential election results; Machado's movement said it won, while Venezuelan authorities and the top court said Nicolas Maduro won.