US in talks to acquire large stake in Venezuela’s oil fields

The Trump administration is negotiating to secure a major ownership stake in Venezuela’s oil fields, a deal that would give the US direct access to a significant chunk of the world’s largest proven petroleum reserves. The talks center on more than a dozen productive oil fields containing an estimated 90 billion barrels of proven reserves. That’s roughly one-third of Venezuela’s total 300 billion barrels, a figure that makes the South American nation the single largest holder of proven oil reserves on the planet. What’s on the table Secretary of State Marco Rubio and Energy Secretary Chris Wright are leading the US side of negotiations. Venezuela’s acting president Delcy Rodríguez represents the Venezuelan government, which has been in transition since the ousting of Nicolás Maduro in January 2026. The proposed structure involves a long-term lease arrangement that could extend up to 100 years. Under this framework, private American firms would manage the oil fields, with the goal of ramping up production from Venezuela’s current output of approximately 1.25 million barrels per day. A deal could materialize as early as September 2026, though significant hurdles remain around the fina...