US negotiates deal to secure ownership and leases across Venezuelan oil fields

Terms of the proposed energy agreement

The United States government is negotiating an agreement with Venezuela's interim authorities to obtain direct equity or long-term leaseholds over Venezuelan oil reserves. Discussions focus on more than a dozen productive oil fields, including assets previously linked to Chinese interests and former Venezuelan insiders facing indictment. If finalized, the transaction would grant the United States control over fields containing approximately 90 billion barrels in proven reserves, more than doubling current American reserves. American producers would develop these designated concessions under government lease agreements or competitive auctions, directing output toward US domestic consumption. In return, private energy companies would modernize extraction facilities and channel a portion of generated revenues back to the Venezuelan state.

Diplomatic contacts and administrative roles

Talks are being directed by US Secretary of State Marco Rubio and Venezuela's acting president, Delcy Rodriguez, with White House Deputy Chief of Staff Stephen Miller also participating. Negotiations accelerated following a meeting in Caracas last month between Venezuelan representatives and officials from the US State and Defense departments. Venezuelan authorities are also weighing a potential withdrawal from OPEC, the organization of oil producing nations Venezuela co-founded over six decades ago, as bilateral ties with Washington deepen. The Trump administration has framed the initiative around energy security in the Western Hemisphere under the administration's foreign policy framework. American negotiators maintain that the agreement is structured to provide revenue for the Venezuelan population while securing American energy supply.

Transition since the January raid

The United States assumed oversight of Venezuelan crude exports after American special forces captured former president Nicolas Maduro on 3 January 2026 during an operation in Caracas. Maduro was subsequently transported to New York to face criminal narco-terrorism charges, leading to the establishment of the current interim administration. Washington subsequently issued temporary sanctions relief permitting American corporations and individuals to conduct transactions within Venezuela's domestic energy sector. Shortly following the January operation, US authorities stated that private corporations would commit at least $100 billion toward rehabilitating Venezuela's degraded oil infrastructure.

Revenue management and market conditions

Crude sales conducted under American management are audited by accounting firm KPMG, with proceeds held in a dedicated Citibank account. During remarks in July, Donald Trump assessed the scale of income generated from Venezuelan oil exports since the beginning of US oversight.

$13 billion from Venezuela? I think even more than that. We've paid for that war many times over.

Negotiations over Venezuelan reserves coincide with pressure on the US Strategic Petroleum Reserve, which has fallen to a 40-year low. Supply constraints and elevated fuel prices linked to ongoing conflicts in Ukraine and Iran, particularly around the Strait of Hormuz, have intensified administrative efforts to secure alternative supply lines. While the legal architecture remains under review by the US Department of Energy, the agreement would formalize access to targeted fields through federal leasing structures and commercial development pacts.