Key facts
- US administration officials are reportedly in advanced talks to secure a direct stake in Venezuelan oilfields.
- The proposed deal could involve nearly a third of Venezuela's estimated 303 billion barrels of crude oil reserves.
- Negotiations reportedly include a potential 100-year lease on several oilfields.
- Venezuelan opposition figures and critics have strongly condemned the potential deal.
- The move is seen as part of a US strategy to reassert influence in Latin America and counter China.
Reports have surfaced indicating the Trump administration is engaged in advanced discussions to secure a substantial stake in Venezuela's vast oil and gas reserves. The potential deal, which could grant the U.S. long-term access to nearly a third of Venezuela's estimated 303 billion barrels of crude oil, has drawn sharp criticism from various quarters.
According to reports from The Wall Street Journal, Axios, and Reuters, U.S. officials are negotiating with Venezuelan counterparts for direct stakes in over a dozen oilfields, primarily located in the Orinoco Belt and Lake Maracaibo regions. Bloomberg has suggested that one of the proposals under consideration involves a 100-year lease on these fields.
These reports have ignited an outcry among Venezuela's opposition and critics, who have labeled the potential agreement as "predatory" and "unconstitutional." Exiled former minister Ricardo Hausmann argued that an illegitimate interim government lacks the authority to strike such a deal, which he believes would be a "fiasco." Economist Francisco Rodríguez urged the national assembly to reject the "predatory deal," stating it contravenes the constitution and is not in the Venezuelan people's interest, especially if done "at gunpoint."
Energy historian Gregory Brew noted that such a deal would likely face significant suspicion and rejection, drawing parallels to historical concessions granted to foreign oil companies. He suggested the U.S. administration might view control over these reserves as a means to exclude rivals like China and Russia, describing the potential arrangement as "colonial."
The proposed move is framed within a broader geopolitical context, seen as part of President Trump's effort to reassert U.S. influence in Latin America through the "Donroe Doctrine," an adaptation of the Monroe Doctrine aimed at countering China's growing presence in the region. While some changes have occurred in Venezuela since Maduro's reported abduction, including the release of political prisoners, key regime members remain in power, and a date for new presidential elections has not been set.