US and Venezuela in Talks Over Long-Term Oil Access Deal
Washington and Caracas are discussing a deal to grant US companies long-term access to Venezuelan oil reserves.
The Trump administration is negotiating an agreement that would secure long-term US access to a portion of Venezuela's crude reserves, according to sources familiar with the talks. The discussions are said to be at an advanced stage, with a potential deal possibly being signed and made public soon.
The proposed arrangement would reportedly allow the US government to designate a group of Venezuelan oilfields for development by American companies. The resulting crude supply would be guaranteed for the US market, the sources said.
One source described the talks as "real" and confirmed they are being conducted at the highest levels of both governments. Another source indicated that a "lease" model is being considered as the legal framework, with a subsequent auction or tender process to allocate individual fields among US producers.
Officials at the White House directed questions to the Department of Energy. Venezuela's oil ministry, state oil company PDVSA, and the US Energy Department did not immediately respond to requests for comment. Venezuelan Oil Minister Paula Henao could not be reached.