US Pursues Ownership Stake in Venezuelan Oil Fields, Officials Say
Negotiations between the US and the interim government in Venezuela target more than a dozen productive fields holding 90 billion barrels in proven reserves.
A Venezuelan flag waves in front of oil tanker on lake in Maracaibo, Venezuela on July 27, 2026. Photo by Anadolu Images.
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he Trump administration is negotiating with Venezuela’s interim government to secure a direct ownership stake in the country’s oil resources, according to two US officials cited by US media Thursday.
The talks center on more than a dozen productive oil fields containing approximately 90 billion barrels in proven reserves, rather than Venezuela’s total estimated 300 billion barrels, Axios reported. A final agreement could double US oil reserves and reshape energy dynamics across the Western Hemisphere, the outlet said.
“Calling this agreement huge would be an understatement. It’s massive,” one official told Axios.
Under the proposed arrangement, Washington would receive an equity stake in the selected fields. Private companies, including American firms, would develop the sites and generate additional oil revenues for the Venezuelan government.
The negotiations are being led by US Secretary of State Marco Rubio and Venezuela’s Acting President Delcy Rodriguez, with White House Deputy Chief of Staff Stephen Miller also involved, according to the report.
Strategic energy push amid global supply strains
The potential deal comes as global oil markets face disruption from wars in Iran and Ukraine, contributing to elevated prices. The US Strategic Petroleum Reserve has dropped to its lowest level in four decades, increasing pressure on Washington to secure new supplies.
Venezuela holds the world’s largest proven oil reserves, but years of underinvestment, mismanagement and declining production have left its energy sector operating far below capacity.
The Trump administration has made expanded US access to Venezuelan oil a central element of its energy and foreign policy in the region. Officials said the goal is to “secure the energy future of the Western Hemisphere for generations to come” while easing price pressures linked to the conflict in Iran.
US Energy Secretary Chris Wright is expected to travel to Venezuela next week to discuss ways for American companies to boost oil production in the country. The timing of any final agreement remains unclear.
The talks build on Washington’s broader efforts to rebuild Venezuela’s oil sector following the US capture of President Nicolas Maduro in January. The administration has since backed an interim government led by Rodriguez while pushing for greater American involvement in the country’s energy industry.
Amid concerns that Rodriguez could face domestic accusations of handing over national resources to the United States, the administration is emphasizing that the arrangement would benefit the Venezuelan people, Axios reported.
(Source: Anadolu Agency)
