WASHINGTON, CARACAS – The Trump administration is in advanced negotiations with Venezuela’s interim government over an unprecedented agreement that could give the United States an ownership stake in more than a dozen Venezuelan oil fields containing roughly 90 billion barrels of proven reserves.
Axios first reported the negotiations Thursday, citing two U.S. officials familiar with the talks. Reuters subsequently reported that discussions are underway and that as many as 17 oil fields could be involved.
If completed, the agreement would mark an extraordinary expansion of direct U.S. involvement in Venezuela’s oil industry and could fundamentally reshape energy relations between Washington and Caracas.
The fields under discussion reportedly contain approximately 90 billion barrels of proven crude reserves, nearly one-third of Venezuela’s estimated total of more than 300 billion barrels, the largest proven oil reserves in the world.
Axios reported that the proposed arrangement would more than double the amount of oil reserves associated with the United States. However, the deal would not mean that all 90 billion barrels automatically become part of the U.S. Strategic Petroleum Reserve or direct federal government property.
Instead, Washington is discussing an ownership or long-term economic stake in selected Venezuelan fields, while private companies, including U.S. energy firms, would help develop and operate the assets.
Reuters reported that possible structures under consideration include joint ventures, leases, tenders and other contractual arrangements that would provide American companies with access to Venezuelan production while directing revenue back to the Venezuelan government.
The negotiations are reportedly being led at the political level by U.S. Secretary of State Marco Rubio and Venezuelan interim President Delcy Rodríguez.
U.S. Energy Secretary Chris Wright is also expected to travel to Venezuela as Washington seeks to accelerate production and encourage American companies to invest in fields that have suffered from years of underinvestment, infrastructure deterioration and political uncertainty.
The talks come amid heightened concerns over global energy security. Disruptions in international oil supplies, including instability connected to the conflict involving Iran, have increased pressure on Washington to secure additional reliable sources of crude.
At the same time, the U.S. Strategic Petroleum Reserve has fallen sharply.
According to the U.S. Energy Information Administration, the reserve contained approximately 289.7 million barrels of crude oil as of August 21, down significantly from historical levels and representing about 41 percent of total storage capacity.
The Trump administration has increasingly turned toward Venezuela as part of its energy strategy following the removal of Nicolás Maduro earlier this year.
Washington has already asserted greater control over Venezuelan oil sales and has encouraged American companies to help rebuild the country’s production infrastructure.
In January, Energy Secretary Wright said the United States intended to control Venezuelan oil sales for an indefinite period, with revenues passing through U.S.-controlled accounts before funds were returned to Venezuela.
Trump has also previously said that U.S. companies could invest as much as $100 billion in rebuilding Venezuela’s deteriorated oil industry. Major companies, however, have shown caution because of concerns over political stability, contract enforcement and long-term investment protections.
Any ownership arrangement would also face significant legal and constitutional questions inside Venezuela, where national law traditionally reserves control of the petroleum sector to the state.
Recent reforms have created more flexibility for joint ventures and private participation, but a direct foreign government stake in major producing fields would still represent a highly unusual arrangement.
Neither the White House nor the Rodríguez government had publicly announced a final agreement as of Thursday.
The negotiations remain ongoing, and the exact ownership structure, participating companies, financial terms and timetable have not yet been disclosed.
If finalized, however, the agreement would represent one of the most consequential energy deals between the United States and Venezuela in decades and could significantly strengthen Washington’s influence over one of the world’s largest pools of crude oil.