US Closes in on Deal for Long-Term Access to Venezuela's Oil Reserves
The US government is close to finalizing an agreement that would secure long-term access to Venezuela's oil reserves, according to sources familiar with the negotiations. This deal could potentially lower the cost of oil imports for the United States.
Under the proposed arrangement, American companies would be allowed to develop a portion of Venezuelan oilfields in exchange for guaranteed supply to the US market. The agreement is expected to operate through a 'lease' model, with a separate auction or tender to allocate each field among US producers.
The 17 fields being negotiated include green areas in the Orinoco Belt and mature regions in Lake Maracaibo, some of which are currently operated by a Chinese company. This deal could raise constitutional questions and face legal challenges, according to experts.