US Seeks Long-Term Access to Venezuelan Oil Fields
The Trump administration is working on a deal to secure long-term access to Venezuelan oil fields. According to Reuters sources, the agreement would allow American companies to develop a group of oilfields in Venezuela, with the resulting supply guaranteed for the US. This would bolster US oil supplies and help alleviate rising petrol prices ahead of November's midterm elections.
The deal is expected to operate through a 'lease' model, with a separate auction or tender to allocate each field among US producers. A list of 17 fields in negotiation includes green fields in the Orinoco Belt and mature areas in Lake Maracaibo. Venezuela's oil minister Paula Henao could not be reached for comment.
The White House referred questions to the US Department of Energy, which did not immediately respond. The deal may face legal challenges due to constitutional questions and recent reforms in Venezuelan oil legislation.