The Trump administration is reportedly engaged in advanced negotiations with Venezuela to secure a direct stake in more than a dozen of the country’s oilfields, which contain a significant portion of its vast energy reserves. Sources familiar with the discussions said the deal, if finalized, would allow the United States to establish a foothold in at least 17 key oil and gas fields, collectively holding an estimated 90 billion barrels of proven reserves—almost twice the proven reserves of the United States.

Venezuela claims it possesses the largest proven oil reserves in the world, estimated at approximately 300 billion barrels. A U.S. official described the prospective agreement as "massive," underscoring its potential to significantly bolster American energy security in the Western Hemisphere. Another U.S. official emphasized the possibility of securing the nation’s energy future beyond domestic production and throughout the region.

Negotiations are ongoing, with details still being worked out regarding the structure of the deal. Discussions include whether the United States would form joint ventures with private companies or alternatively contract those companies to develop the fields. The intended agreement comes amid a prolonged downturn in Venezuela’s oil industry, marked by years of economic mismanagement under the administrations of former presidents Hugo Chavez and Nicolas Maduro.

Since President Maduro was ousted in January, major U.S. oil companies have largely refrained from investing in Venezuela, although Chevron has remained active. In July, Chevron reported increasing its output to 280,000 barrels per day, with plans to raise production by 50% by the end of 2028. Currently, Venezuela’s oil production remains near one million barrels per day, reflecting little growth from the previous year.

Direct American involvement in foreign oil production is unusual, with historical precedents largely confined to wartime efforts, such as during World War II under President Franklin D. Roosevelt. If concluded, the deal could also help alleviate rising fuel prices in the United States ahead of the November midterm elections by expanding access to cheaper oil.

The White House and Venezuela’s interim government, led by Delcy Rodriguez, have not publicly commented on the talks. However, sources indicate the discussions are occurring at the highest levels of both governments.

The potential agreement has sparked criticism among Venezuelan opposition figures, who view the interim government and its authority over energy resources as illegitimate. Ricardo Hausmann, a Harvard economist and former Venezuelan official, condemned the deal as unconstitutional and predicted it would be detrimental to all parties involved, including U.S. officials leading Venezuela policy.

The Trump administration’s involvement in Venezuela’s oil industry has formed a key element of its broader strategy following Maduro’s ouster, but it faces substantial political, legal, and operational challenges as it seeks to reshape energy dynamics in the region.