The United States is moving to tighten its grip on Venezuela's petroleum assets, with negotiations underway for a potentially sweeping agreement that could reshape energy relations between the two nations.
According to a report from Axios on Thursday, the Trump administration is in talks with Venezuela's interim government over a "large-scale" pact that would grant the US partial ownership of multiple oil fields in the South American country. Two American officials indicated that discussions cover more than a dozen currently producing fields, which collectively hold approximately 90 million barrels of reserves. Should the deal come to fruition, it could more than double the size of US petroleum reserves.
The potential agreement marks a significant step in expanding America's footprint in Venezuela's oil industry. The Trump administration aims to boost Venezuelan crude output by bringing in US energy firms and capital, while simultaneously strengthening Washington's influence over energy markets in the Western Hemisphere.
Specific terms of the accord remain under negotiation, with no clear timeline for finalization. US Secretary of State Marco Rubio and Venezuela's acting president, Delcy Rodriguez, are leading the talks, while US Energy Secretary Chris Wright is scheduled to visit Venezuela next week.
Focus on a Dozen Active Fields, Not the Full Reserve Base
The negotiations do not target Venezuela's entire proven reserve base of roughly 300 billion barrels, but rather zero in on over ten already-operating fields that together hold about 90 million barrels of reserves.
The core concept involves granting the US partial ownership stakes in these fields, with American energy companies participating in subsequent development to help restore and grow production levels.
For Washington, the appeal lies in Venezuela's vast hydrocarbon wealth. Venezuela possesses the world's largest proven oil reserves, yet years of underinvestment and infrastructure woes have kept actual output far below what its resource base could support.
If finalized, the deal would more than double US oil reserves, according to Axios. For the Trump administration, this represents not only potential new overseas assets for American energy firms but also a deeper foothold in the energy sector of one of the globe's biggest oil reserve holders.
A Long-Gestating Strategy, With Rubio at the Helm
Axios reported that Trump had privately discussed securing ownership of Venezuelan oil resources even before the US military apprehended former president Nicolas Maduro in January.
The current negotiations are being driven primarily by Rubio and Rodriguez.
This indicates that the administration's positioning on Venezuelan petroleum is not a recent development, but rather an extension of earlier political and security interventions now reaching into energy assets.
Axios frames the prospective agreement as a key element of Trump's "Donroe Doctrine," an effort to weave energy security and US energy dominance in the Western Hemisphere into the core of its Latin America policy.
From Buying Crude to Owning Fields: A Deeper Energy Ties
If the pact is completed, US-Venezuela energy relations would evolve from simple crude trade into direct involvement in field equity and production operations.
Last week, US Deputy Energy Secretary David Houstvet noted that roughly half of Venezuela's current crude output flows to American refineries. Venezuelan authorities project output will reach 1.245 million barrels per day by the end of August, with exports already up 19.7% this year.
The US is already a major buyer of Venezuelan crude, and this potential deal could see American energy companies become direct participants in Venezuelan oil fields.
Washington has also been aiding Venezuela's production expansion. Houstvet previously revealed that the US is shipping over 100,000 barrels per day of naphtha to Venezuela to blend with its heavier crude, helping to enhance production and export capabilities.
Thus, from recent crude purchases and production support to this push for field equity, the energy relationship between the two countries is undergoing a clear transformation.
Energy Secretary's Visit Looms, But Final Terms Remain Unsettled
Axios said Energy Secretary Wright plans to travel to Venezuela next week. Meanwhile, the Energy Department is exploring ways to further boost US corporate involvement in Venezuelan oil output.
This suggests the field equity talks could be just one component of a broader administration effort to reorganize Venezuela's petroleum sector.
However, Axios cautioned that the agreement's specifics are still being ironed out, and the timing for a final deal remains unclear. Therefore, whether the 90-million-barrel fields will ultimately fall under US corporate ownership, and the size of any US stake, still hang in the balance.
Should the accord materialize, its significance would extend beyond a mere energy investment: the US would shift from being one of Venezuela's primary crude buyers to a direct holder of local oil assets and a participant in production, giving the Trump administration a fresh lever in its quest to assert Western Hemisphere energy dominance.
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