US nears deal for access to 90 billion barrels of Venezuelan oil

WASHINGTON/CARACAS – The United States and Venezuela are negotiating a far-reaching agreement that could give American companies long-term access to 17 Venezuelan oil fields containing an estimated 90 billion barrels of proven reserves.

According to Axios, Bloomberg and Reuters, Washington is seeking a direct interest in the fields. One option under consideration is a leasing system, with Bloomberg reporting that terms of up to 100 years have been discussed. Oil produced from the fields would be made available to the United States.

The negotiations cover undeveloped fields in the Orinoco Belt and older production areas around Lake Maracaibo. Venezuela has approximately 300 billion barrels of proven reserves—the largest in the world—but currently produces only around 1.25 million barrels per day.

Such an agreement could face legal challenges because Venezuela’s constitution reserves the principal activities of the oil industry for the state. Recent legal changes do, however, permit joint ventures and production agreements with foreign companies.

The proposal supports President Donald Trump’s objective of reducing US energy dependence on other regions, particularly amid the war in Iran and disruptions to global oil markets.

No final agreement has yet been reached. The conditions remain under negotiation, and it is unclear when a deal could be signed.