United States Negotiates Stake in Venezuelan Oil Fields Holding 90 Billion Barrels

On August 27, 2026, the United States government is negotiating with Venezuela's interim administration for an equity stake in a group of oil fields holding approximately 90 billion barrels of proven reserves, according to Bloomberg. The 17 fields represent more than double the proven crude reserves of the United States, according to France 24.

The talks, reported on August 27, are led by U.S. Secretary of State Marco Rubio and Venezuela's acting president Delcy Rodríguez. The package of 17 fields combines undeveloped areas of the Orinoco Belt with mature fields in Lake Maracaibo, some of which are operated by a Chinese company under a contract signed during the previous government, according to France 24, citing Reuters. Venezuela holds approximately 300 billion barrels of proven reserves, the largest in the world. For the region, the negotiation puts the hemisphere's largest crude reservoir on the table and redefines the Washington-Caracas energy axis, with significant implications for Latin America's oil investment map.

The model under discussion is a lease of up to 100 years on several fields, followed by an auction or bidding process to assign each field to U.S. producers, according to reports. The plan calls for private companies, including U.S. firms, to develop the fields, with a portion of revenues directed to Caracas. Venezuela produces approximately 1.25 million barrels per day, and Rystad Energy analysts cited by OilPrice estimate that substantially improving production capacity will require investments of around $180 billion over the next decade. The legal framework adds a notable constraint: Venezuela's Constitution reserves state ownership of the fields, and the hydrocarbon law reformed in January 2026 permits mixed companies and production-sharing contracts, but does not provide for area leases.

U.S. Energy Secretary Chris Wright is scheduled to travel to Caracas next week to discuss the rehabilitation of the fields, according to reports. Sources cited by Reuters say the agreement is close to being signed and made public, and the key point to watch is whether the 100-year lease structure survives Venezuelan constitutional scrutiny.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.