US reportedly in talks with interim government for stakes in Venezuelan oil fields
According to Axios, the Trump administration is in talks with Caracas to acquire stakes in several active oil fields in Venezuela.
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The US administration under President Donald Trump is reportedly in talks with the country's interim government to acquire stakes in major Venezuelan oil resources. According to an Axios report, the negotiations do not cover all of Venezuela's proven reserves, but rather more than a dozen oil fields that are currently open for production.
The report stated that these fields hold approximately 90 billion barrels of proven reserves. Venezuela's total proven oil reserves are estimated to be around 300 billion barrels. A US official described the potential deal, stating, "To call this deal 'big' would be an understatement. This is a massive deal."
The backdrop of the talks is attributed to fluctuations in global oil supply and price pressures. According to the report, the uncertainty created in energy markets by the wars in Iran and Ukraine has accelerated Washington's search for oil supply security. It was also noted that the US Strategic Petroleum Reserve is at its lowest level in 40 years.
The planned model envisions granting the US ownership stakes in specific fields, while private companies—including American firms—would develop these fields. It is argued that this approach aims to increase Venezuela's oil revenues.
Another official speaking to Axios noted that the White House is trying to emphasize the benefits the deal would provide to the Venezuelan people, stating, "We are doing everything we can to show that this will benefit the people of Venezuela, because it truly will."
According to the report, the negotiations are being conducted by US Secretary of State Marco Rubio and Delcy Rodriguez, who is referred to as the interim president of Venezuela. It was noted that senior officials from the US Departments of State and Defense discussed the details with their counterparts in Caracas last month, and that White House Deputy Chief of Staff Stephen Miller has also played a significant role in the process.
It is not yet clear when the deal will be finalized. It was reported that US Secretary of Energy Chris Wright is considering the possibility of traveling to Venezuela next week to discuss ways for US companies to increase oil production.