Commodities
US Closes in on Deal for Long-Term Access to Venezuela's Oil Reserves
The US government is close to securing long-term access to Venezuela's oil reserves through a deal that could lower oil imports costs.
A portion of Venezuela's crude reserves will be locked in for American companies to develop, with the resulting supply guaranteed for the US.
The agreement, which may be signed soon, involves leasing Venezuelan oilfields to US producers and allocating them through a further auction or tender.
The deal includes 17 fields in negotiation, including green areas in the Orinoco Belt and mature areas in Lake Maracaibo, currently operated by a Chinese firm.