The U.S. government is reportedly nearing an agreement with Venezuela to gain long-term access to a portion of the South American nation’s crude oil reserves, sources familiar with the talks said on August 27. The deal aims to ensure a stable supply of Venezuelan oil for the United States and could potentially help reduce the cost of oil imports.

According to the sources, the arrangement would grant American companies the right to develop a group of Venezuelan oilfields. Discussions indicate that the framework under consideration may involve a lease system, which would then lead to an auction or tender process through which U.S. producers would be allocated specific fields.

Details emerging from the negotiations include a portfolio of 17 oilfields spanning the Orinoco Belt—a region known for its extensive, largely untapped reserves—along with mature fields in the Lake Maracaibo area. Some of these fields are currently operated by a small Chinese firm that secured its contract during Venezuela’s Nicolás Maduro administration.

While the agreement has not yet been finalized or formally announced, insiders suggest that it could be made public in the near future. The proposed deal reflects a strategic effort by the U.S. to secure more reliable energy sources amid ongoing global market volatility and geopolitical tensions affecting oil supply chains.

The potential collaboration marks a shift in relations between the two countries, which have experienced strained diplomatic ties in recent years. Details regarding the financial terms, duration, and exact operational control are still under negotiation and have not been disclosed.

If completed, the agreement could open new opportunities for American oil firms to invest in and manage Venezuelan assets, potentially bolstering U.S. energy security. However, it also raises questions about the broader geopolitical implications and how such a partnership might be received domestically and internationally.