US Closes In on Venezuela Oil Deal Amid Rising Gas Prices

The US government is close to securing long-term access to Venezuela's oil reserves through a deal that would allow American companies to develop a portion of the country's crude fields. According to sources, the agreement would let the US government lock in a group of Venezuelan oilfields for development by American companies, ensuring a stable supply of oil to the US.

The list of 17 fields being negotiated includes green areas in the Orinoco Belt and mature regions in Lake Maracaibo, some of which are currently operated by a Chinese firm. A 'lease' is reportedly under consideration as the legal model for the deal, with an auction or tender to allocate each field among US producers.

The White House referred questions to the US Department of Energy, while Venezuela's oil ministry and state oil company PDVSA did not immediately comment. Venezuelan Oil Minister Paula Henao could not be reached for comment.