US Eyes Long-Term Access to Venezuela's Oil Reserves
The Trump administration is reportedly working on a deal to secure long-term access to a portion of Venezuela's crude oil reserves, which could lower the cost of oil imports for the US. According to sources familiar with the negotiations, the agreement would allow American companies to develop a group of Venezuelan oilfields and guarantee a supply of oil to the US.
The deal is being discussed at the highest levels of both the US and Venezuelan governments, and could be signed soon. A 'lease' is being considered as the legal model to make the deal work, with a further auction or tender to allocate each field among US producers.
The list of 17 fields in negotiation includes greenfields in the Orinoco Belt combined with mature areas in Lake Maracaibo. Venezuela's oil industry has been plagued by neglect and corruption, and the country has not met OPEC quotas for years.