US seeks major stake in Venezuelan oil fields despite legal hurdles

The Trump administration is negotiating to secure long-term contracts covering approximately one-third of Venezuela's oil reserves, a potentially complex arrangement that would grant Washington access to roughly 90 billion barrels of crude under terms currently being discussed by senior officials from both nations. The proposed agreement includes stakes in 17 oil fields shared with The Washington Post by individuals familiar with the ongoing talks between US Secretary of State Marco Rubio and Venezuela's Acting President Delcy Rodriguez.

Infrastructure and legal obstacles

Several of the designated fields lack adequate infrastructure or access to transportation hubs necessary for processing and moving crude, with existing facilities suffering from years of neglect, theft and equipment deterioration. The arrangement could also face substantial legal hurdles in Venezuela, where opposition to transferring natural resource control to the United States remains strong and constitutional amendments may be required before finalizing any deal.

Diplomatic timeline

Energy Secretary Chris Wright is expected to travel to Venezuela next week as the administration hopes to announce an agreement soon, though some energy industry officials have expressed skepticism about reaching a substantial deal quickly. Under the proposed structure, private companies including US firms would develop the fields through existing joint ventures while Venezuela retains a significant share of resulting revenues.

Political context

Venezuela possesses the world's largest proven oil reserves but has struggled with production levels far below potential following years of underinvestment and mismanagement, with output increasing by only approximately 200,000 barrels per day since January despite the administration's efforts to attract investment following the capture of former President Nicolas Maduro. The negotiations have drawn criticism from US Democrats regarding the administration's approach to Venezuela's natural resources, while similar previously announced stakes in foreign energy projects including Ukraine's critical minerals have yet to materialize.