Trump administration seeks stake in Venezuelan fields holding 90 billion barrels

The Trump administration is in negotiations with Venezuela's interim government to acquire a stake in the nation's vast oil reserves, according to Axios. The agreement would potentially double U.S. oil reserves by utilizing Venezuela's largest proven reserves, which number over 300 billion barrels. Details of the talks, which cover more than a dozen oil fields containing approximately 90 billion barrels of proven reserves, are still being negotiated.

The fields were previously controlled by Venezuela's elite, some facing criminal charges, and entities tied to Chinese interests. In return, Venezuela's government would benefit from foreign companies, including U.S. firms, developing the resources and generating more oil revenue for the country. President Trump has been privately discussing ways to obtain an ownership stake in Venezuelan oil fields since before authorizing the Jan.

3 capture of Venezuelan leader Nicolás Maduro, who now faces narco-terrorism charges in New York. The U.S. Energy Secretary could visit Venezuela next week to discuss increasing oil production by American companies. The Venezuelan government and opposition representatives began a U.S.-backed political dialogue in August to determine conditions for future democratic elections.

Special forces captured Maduro and his wife during a military operation on Jan. 3, and Vice President Delcy Rodríguez became acting president on Jan. 5. The U.S. partially eased sanctions against Venezuela in March to stabilize global oil markets amid the war with Iran, though restrictions on financial transactions and certain debt transactions remain.