US Seeks Long-Term Access to Venezuela's Oil Reserves in Major Deal

The US administration is negotiating a deal to secure long-term access to Venezuela's vast crude oil reserves, according to sources familiar with the talks.

Under the proposed agreement, American companies could lock in a group of Venezuelan oilfields for development and have their resulting crude supply guaranteed for the United States.

A list of 17 fields is under discussion, including undeveloped areas in the Orinoco Belt and mature oil-producing areas around Lake Maracaibo.