
The U.S. government is in advanced negotiations with Venezuela’s transitional administration to secure long-term access to 17 oil fields containing proven reserves of 90 billion barrels, according to multiple sources familiar with the discussions.
The deal, described as “massive” by a U.S. official cited by Axios, would grant the U.S. a direct stake or long-term access to the fields, with American companies tasked with their development. A lease model is under consideration, with potential auctions to allocate the fields to U.S. producers, Reuters reported. The fields include green sites in the Orinoco Belt and mature areas in Lake Maracaibo, some currently operated by a small Chinese firm under a contract signed during former President Nicolás Maduro’s administration .
The White House referred questions to the U.S. Department of Energy, while Venezuela’s oil ministry, state oil company PDVSA, and the Energy Department did not immediately respond to requests for comment. Venezuelan Oil Minister Paula Henao could not be reached .
The negotiations follow the U.S. takeover of Venezuela’s oil exports after American special forces captured Maduro in January and brought him to New York to face criminal charges. Since then, the U.S. has managed Venezuelan oil sales, with President Donald Trump stating in July that the U.S. had collected over $13 billion from the sales. Secretary of State Marco Rubio said oil revenues are being audited by KPMG and held in a Citibank account .
Venezuela, which holds the world’s largest crude reserves at 300 billion barrels, is considering leaving OPEC as it strengthens ties with the U.S., Bloomberg reported. The country, a founding OPEC member, has not met production quotas for years due to neglect and corruption in its state-run oil industry. Recent reforms to Venezuela’s hydrocarbons law now allow oilfield operations through joint ventures and production-sharing contracts, though the constitution still reserves core industry activities to the state .
The U.S. has issued temporary sanctions relief to permit business with Venezuela’s oil sector. A State Department delegation visited Venezuela last month to discuss the deal, Axios reported . The Trump administration has also teased major international deals in the past that later stalled.
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