US nears deal for long-term access to Venezuelan oil fields

The United States is reported to be close to a deal that would give American interests long-term access to selected Venezuelan oil fields. The arrangement is said to be under discussion between the governments in Washington and Caracas and could be signed and made public soon. If completed, it would mark a significant shift in the relationship between the two countries over energy cooperation.

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According to the information provided, the structure under consideration may use a lease-like model, with a further auction or tender to allocate individual fields to US producers. A list of 17 fields is reportedly being negotiated, including areas in the Orinoco Belt and in Lake Maracaibo. Some of the fields are described as greenfield projects, while others are mature assets already operated by a small Chinese company under a contract signed during the administration of former President Nicolas Maduro.

The reported deal would be designed to secure supply for the United States for years to come, with output from the fields guaranteed for American use. That would make the arrangement more than a standard commercial agreement, because it would tie access to Venezuelan crude reserves to a state-level understanding. The White House has referred questions to the US Department of Energy, while Venezuela's oil ministry, state oil company PDVSA and the Energy Department had not immediately responded.

The development matters because Venezuela holds the world's largest crude reserves, yet its oil industry has been weakened for years by neglect and corruption. The country has also failed to meet OPEC production quotas for years, and Washington has long been at odds with OPEC over oil prices. Any agreement that expands US access to Venezuelan crude would therefore have implications not only for bilateral relations, but also for energy markets and the legal framework governing one of the world's most important oil producers.

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There are also legal and constitutional questions around the reported plan. Current hydrocarbons rules in Venezuela do not include acreage leases for oil areas, and the constitution reserves the core activities of the industry to the state. Recent reforms have allowed oilfield operations through joint ventures and production-sharing contracts, but the government has for decades prevented foreign producers from booking the country's reserves.

That makes the reported lease model potentially contentious even if it is politically attractive to both sides. The wider backdrop includes a possible shift in Caracas's regional energy posture. Venezuela is reported to be considering leaving OPEC as it strengthens ties with the United States, although that has not been confirmed in the supplied material.

For now, the key questions are whether the deal is finalised, what legal structure is used, and whether any challenge emerges once the terms are made public. The scale of the fields involved and the sensitivity of the legal issues mean the next announcement could be closely watched by governments and energy markets alike.

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