US Closes In on Deal for Long-Term Access to Venezuelan Oil Reserves
The US is close to striking a deal with Venezuela to secure long-term access to some of its oil reserves, according to sources.
The agreement would allow American companies to develop and operate certain Venezuelan oilfields in exchange for guaranteed supply to the United States.
A list of 17 fields is being negotiated, including green fields in the Orinoco Belt and mature areas in Lake Maracaibo. The White House referred questions to the US Department of Energy.
The deal could lower the cost of oil imports for the US, which has been trying to secure a stable flow of Venezuelan crude for its refineries while promoting American investment in Venezuela's energy industry.
Venezuela is considering leaving OPEC as it strengthens ties with the US. The country joined the group as a founding member in 1960 but has not met OPEC quotas for years due to neglect and corruption in its state-run oil industry.