In the long arc of hemispheric power, oil has always been both gift and burden for Venezuela — and now, in the aftermath of a dramatic political rupture, Washington and Caracas are quietly negotiating a realignment that could bind their futures together through the wells of the Orinoco Belt and Lake Maracaibo. The Trump administration is seeking long-term leases on 17 Venezuelan oilfields, a move that would redirect crude flows toward American refineries while raising profound questions about sovereignty, constitutional law, and the price of political transformation. The talks, conducted at th
US nears deal to secure long-term access to Venezuelan oil fields
The deal could reshape two decades of hostility between nations
Mark
So the US is basically buying the right to pump Venezuelan oil for the long term. What's the actual mechanism here—is this a purchase, a lease, what?
Mimi
It's structured as a lease, according to the sources. The US government would secure rights to operate specific fields, then auction those leases to American oil companies. It's a way to get around the fact that Venezuela's constitution doesn't allow foreign ownership of oil reserves.
Luke
But does that structure actually work legally? The source says experts think it could face constitutional challenges. That's not a small thing—we don't know if Venezuela's courts would uphold it.
Mimi
Right. This is new territory. Venezuela reformed its oil laws recently to allow joint ventures and production-sharing contracts, but a lease model is different. It's more direct control.
Mark
Why is Venezuela doing this? What do they get out of it?
Mimi
The source doesn't say. That's a real gap. We know the US wants cheaper oil and to refill its strategic reserve before the midterms. We know Venezuela's oil industry is broken. But the actual terms—what Caracas receives—aren't in the reporting.
Luke
And that matters enormously. Is this a bailout? A debt-for-oil swap? Are there political strings attached? We're told the deal is being discussed at the highest levels, but we don't know what's actually on the table.
Mark
The source mentions 17 fields. Are those the best fields, or the ones nobody else wants?
Mimi
Mix of both, it seems. The Orinoco Belt fields are undeveloped—high potential but expensive to extract. The Lake Maracaibo fields are mature, already producing, some operated by a Chinese company. So the US would get a portfolio.
Luke
But we don't know production capacity, reserves, or timeline. We know the current output is 1.25 million barrels a day, but we don't know how much of that would be guaranteed to the US or at what price.
Mark
Venezuela is thinking about leaving OPEC. That's a huge signal.
Mimi
It is. Venezuela helped found OPEC in 1960, but it hasn't met quotas in years anyway. Leaving would be mostly symbolic—but it signals alignment with Washington against the cartel.
Luke
Though the source notes Venezuela hasn't met quotas because of neglect and corruption, not because it chose not to. So the departure might just formalize what's already true.
O Pulso
- With fuel prices climbing toward midterm elections and the Strategic Petroleum Reserve twice depleted by recent wars, Washington is racing to secure a reliable crude supply from one of the world's most oil-rich nations.
- The proposed lease model — unprecedented in Venezuelan law — collides directly with a constitution that has long reserved oil development for the state, threatening to ignite legal and political challenges before a single barrel flows.
- Chinese operators currently holding Maracaibo field contracts from the Maduro era stand to be displaced, signaling a sweeping geopolitical reorientation of Venezuela's energy sector away from Beijing and toward Washington.
- Venezuela is weighing a withdrawal from OPEC — the cartel it helped found over six decades ago — a largely symbolic but geopolitically charged gesture of alignment with American interests in lower global oil prices.
- Neither government has publicly confirmed the negotiations, leaving critical terms — lease duration, Venezuelan compensation, and long-term sovereignty over energy resources — entirely unresolved.
In the long arc of hemispheric power, oil has always been both gift and burden for Venezuela — and now, in the aftermath of a dramatic political rupture, Washington and Caracas are quietly negotiating a realignment that could bind their futures together through the wells of the Orinoco Belt and Lake Maracaibo. The Trump administration is seeking long-term leases on 17 Venezuelan oilfields, a move that would redirect crude flows toward American refineries while raising profound questions about sovereignty, constitutional law, and the price of political transformation. The talks, conducted at the highest levels of both governments, remain unconfirmed and unsigned — a deal still taking shape in the space between necessity and consequence.
The Trump administration is in advanced talks with Venezuela's government to secure American access to some of the country's most productive oil reserves under long-term lease agreements. The proposed deal would allow US companies to develop and operate specific Venezuelan fields, with crude flowing back to American refineries under contract. Seventeen fields are reportedly under negotiation, spanning undeveloped reserves in the Orinoco Belt and mature production zones in Lake Maracaibo — some of which are currently operated by a Chinese firm whose contracts date to the Maduro era.
The arrangement faces serious legal headwinds. Venezuela's constitution has historically reserved core oil activities for the state, and acreage leases have never existed as a mechanism for foreign development under the country's hydrocarbons law. While recent legislative reforms have permitted joint ventures and production-sharing contracts, experts warn the lease model could invite constitutional challenges — representing a reversal of decades of policy designed to keep foreign producers from booking Venezuelan reserves.
The timing is shaped by Washington's strategic pressures. Since the US removed Nicolás Maduro from power in January, the Trump administration has sought to stabilize crude supplies for American refineries and attract investment into Venezuela's deteriorated energy infrastructure. The country currently produces around 1.25 million barrels per day — far below its historical capacity. Securing Venezuelan oil addresses two urgent concerns: rising fuel prices ahead of November's midterm elections, and a Strategic Petroleum Reserve drawn down twice in recent years, first after Russia's invasion of Ukraine and again following the February outbreak of war with Iran.
Venezuela, for its part, appears to be moving in alignment with American objectives. Caracas is reportedly considering withdrawing from OPEC — the cartel it helped found in 1960 — a largely symbolic act given that Venezuela has missed production quotas for years, but one that carries real geopolitical weight. The deal remains unannounced and unsigned, with fundamental questions about lease terms, Venezuelan compensation, and long-term energy sovereignty still unanswered. If it moves forward, it will mark a profound transformation in a relationship defined by hostility for two decades.
The Trump administration is in advanced negotiations with Venezuela's government to lock in American access to some of the country's most productive oil reserves for years to come. According to people familiar with the talks, the deal could be announced soon and would allow US companies to develop and operate Venezuelan oilfields, with crude supplies flowing back to American refineries under long-term contract. The arrangement is being discussed at the highest levels of both governments, though neither the White House nor Venezuela's oil ministry has publicly confirmed the talks.
The proposed agreement hinges on a legal structure that would grant American producers leases to operate specific fields, followed by an auction or tender process to allocate them among competing US companies. Reuters has seen a list of 17 fields under negotiation, spanning both undeveloped reserves in the vast Orinoco Belt and mature production areas in Lake Maracaibo. Some of these Maracaibo fields are currently operated by a small Chinese firm whose contract dates to the Nicolás Maduro era. The shift would represent a fundamental reorientation of Venezuela's oil sector toward American interests.
This move carries significant legal complications. Venezuela's constitution has long reserved the country's core oil activities for state control, and the nation's hydrocarbons regulations have never included acreage leases as a mechanism for foreign development. While recent legislative reforms have opened the door to joint ventures and production-sharing contracts, experts say the lease model under discussion could trigger constitutional challenges. The Venezuelan government has spent decades preventing foreign producers from booking its oil reserves—a policy now being reversed.
The timing reflects Washington's strategic priorities. Since the US captured and removed former President Nicolás Maduro from power in January, the Trump administration has been working to stabilize crude supplies for American refineries while channeling investment into Venezuela's deteriorated energy infrastructure. The country currently produces roughly 1.25 million barrels per day, a fraction of its historical capacity. Securing Venezuelan oil would help address two pressing concerns: rising fuel prices ahead of November's midterm elections, and the depleted Strategic Petroleum Reserve, which the US has drawn down twice in recent years—first after Russia's invasion of Ukraine in 2022, then again following the February launch of the war on Iran.
Venezuela appears to be moving in lockstep with these American objectives. Bloomberg reported this week that Caracas is considering withdrawing from OPEC, the oil cartel it helped found in 1960. The move would signal a decisive break from the organization that Washington has long viewed as an obstacle to lower global oil prices. Venezuela has not met OPEC production quotas for years as its state-run oil industry suffered from systematic neglect and corruption, making the departure largely symbolic—but symbolism matters in geopolitics.
The deal remains unsigned and unannounced, leaving fundamental questions unanswered. How long would the leases run? What would Venezuela receive in return? How would the arrangement affect the country's ability to control its own energy future? The Venezuelan oil ministry, state oil company PDVSA, and the US Energy Department all declined to comment when asked about the negotiations. Venezuelan oil minister Paula Henao could not be reached. What is clear is that if the agreement moves forward, it will reshape the relationship between two countries whose ties have been defined by hostility for two decades.
Citações Notáveis
This is real and being discussed at the highest levels of the US and Venezuelan governments— Anonymous source familiar with negotiations
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Politics & Governance