Trump administration officials are advancing negotiations for a long-term agreement that would give the United States access to a portion of Venezuela's vast crude reserves, according to sources familiar with the talks.

The proposed deal would allow the U.S. government to designate specific oilfields for development by American firms, with the resulting production guaranteed for U.S. refineries and consumers. The pact could be signed and announced in the coming days or weeks.

Negotiations have reached the highest levels of both the U.S. and Venezuelan governments. A lease structure is under consideration as the legal framework, followed by an auction or tender process to assign individual fields to U.S. producers.

A list of 17 fields under discussion includes undeveloped areas in the Orinoco Belt and mature fields around Lake Maracaibo. Some of the fields are currently held by a small Chinese operator under contracts signed during the previous Maduro administration.

The effort follows the U.S. capture of former Venezuelan President Nicolás Maduro in January 2026 and subsequent U.S. oversight of the country's oil exports. Venezuela's current crude output stands at approximately 1.25 million barrels per day. U.S. Energy Secretary Chris Wright is expected to travel to Caracas as early as next week to advance the discussions.

The arrangement aims to secure stable supplies for American refineries while directing investment toward Venezuela's energy sector. It could also reduce reliance on other foreign oil sources and support lower import costs over time.

The deal may face constitutional and legal hurdles in both countries. Venezuela's interim government has worked with U.S. partners such as Chevron to increase production in recent months amid broader sanctions relief measures.