Trump Administration Near Deal for Direct US Ownership Stake in Venezuelan Oil Fields Holding 90 Billion Barrels

The Trump administration is in active talks with Venezuela's interim government to acquire a direct US ownership stake in more than a dozen high-yield Venezuelan oil fields, two senior US officials told Axios. The targeted fields hold approximately 90 billion barrels of proven crude reserves, a subset of Venezuela's total proven reserves of roughly 300 billion barrels, the largest in the world. One official described the potential agreement as "massive," adding that calling it huge would be an understatement.

If completed, the deal would more than double US-controlled oil reserves. The talks are driven in part by mounting pressure on global supply from the wars in Iran and Ukraine, and by the US Strategic Petroleum Reserve sitting at a 40-year low. Details are still being negotiated.

Separately, SLB has been granted access to data on Venezuela's reserves, raising investor questions about the country's reliability as a partner. The oilprice.com item noted a one-word correction circulating on social media that the fields produce nowhere near 90 million barrels per day, making clear the 90 billion figure refers to proven reserves, not production capacity.