US nears deal for long-term access to Venezuela’s oil reserves

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Washington: The Trump administration is close to reaching an agreement with Venezuela to secure long-term access to some of the country's massive oil reserves, according to sources involved with the negotiations. The pact might allow US corporations to develop certain Venezuelan oil reserves while also securing crude supplies for American refineries.

The talks apparently include 17 oil fields, including those in the oil-rich Orinoco Belt and Lake Maracaibo. Some of the fields are currently managed by Chinese interests. Under the plans being discussed, US corporations might acquire access through leases, tenders, or joint ventures.

The action comes as Washington strives to bolster energy security and ensure more consistent crude supply amid global oil market turbulence. Venezuela has the world's largest proven oil reserves, therefore the possible partnership is strategically significant for both countries.

The agreement might also face legal and constitutional challenges in Venezuela, where the government retains control of the oil industry. Negotiations are ongoing, and final terms have yet to be agreed upon.