Washington DC, Sept. 2 -- US Energy Secretary Chris Wright will travel to Venezuela tonight for an expected announcement tomorrow on Chevron's plans to expand its operations in the country, according to a US official.

The senior official's travel comes in the wake of a historic oil agreement recently announced between the governments of Venezuela and the United States. Under this strategic arrangement, Washington finalised terms giving the United States a direct ownership stake in Venezuelan oil fields previously influenced by Chinese and Russian corporations.

Executed through the Pentagon's Office of Strategic Capital and partnered with a private operating firm linked to Venezuelan businessman Alejandro Betancourt, the deal secures lon...