The Trump administration is reportedly considering a new way to boost U.S. oil supplies — taking an ownership stake in Venezuelan oil fields.
Axios reports the administration is in talks with Venezuela’s interim government about a potential deal. The outlet cites two U.S. officials familiar with the discussions.
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Details thus far
Details are still being worked out, but Axios says the talks involve more than a dozen producing oil fields with about 90 billion barrels of proven reserves. Venezuela currently has the world’s largest proven reserves.
Axios reports the fields were previously controlled by Venezuelan insiders and interests tied to China.
In return, private companies, including American firms, would help develop the fields, with more oil revenue going back to Venezuela.
“Calling this deal huge would be an understatement,” one of the officials said. “It is massive.”
Secretary of State Marco Rubio and Venezuela’s acting president, Delcy Rodriguez, have been leading the talks.
Axios says Trump was discussing the idea even before he authorized the January capture of Nicolas Maduro.
Why the US wants more oil
The talks come as the U.S. looks for more oil.
The Strategic Petroleum Reserve is at its lowest level in more than four decades, falling below 300 million barrels this month as wars in Iran and Ukraine disrupt global supplies.
There’s no timeline for a final agreement, but Energy Secretary Chris Wright could travel to Venezuela as soon as next week.
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