US Administration Advances Deal for Long-Term Access to Venezuelan Oil Fields

Washington DC. The US President Donald Trump administration has advanced a deal to ensure long-term access to some of Venezuela's major oil fields. According to sources who spoke with international news agency Reuters, the deal is likely to be made public and signed soon. If the deal is implemented, US companies will develop selected oil fields in Venezuela and ensure the supply of crude oil produced from there to the US.

According to Reuters, there are a total of 17 fields in the list of oil fields under negotiation. Some of these are new and less developed fields in Venezuela's vast Orinoco oil field, while some are old production fields in Lake Maracaibo. Some of these fields are currently operated by Chinese companies. Sources said that a legal model of 'lease', i.e., allowing the use and development of oil fields for a certain period, is being discussed for the deal. After that, each oil field is likely to be given to US oil producing companies through a competitive process or tender.