U.S. Nears Major Equity Stake in Venezuelan Oil Fields as Transparency Concerns Emerge
Nashnova编辑部
Washington is close to securing equity in more than ten producing Venezuelan oil blocks holding ~90 billion barrels of proven reserves — a deal that could more than double U.S. oil reserves, but billions of dollars in opaque fund flows are emerging as the core political obstacle.
How big is this deal?
The negotiation covers more than ten producing blocks with combined proven reserves of ~90 billion barrels, previously controlled by Venezuelan insiders — some already indicted — and Chinese-linked interests.
This means → if finalized, U.S. oil reserves could more than double. Officials involved call the word "huge" an understatement.
In return, Venezuela would open these fields to private operators, including U.S. firms, and receive a larger share of oil revenues. A 100-year lease framework reported earlier by Bloomberg remains on the table; final terms are not set.
Why now?
The Iran war continues to disrupt global oil and gas supply; the Strait of Hormuz crisis is amplifying market volatility. Ukrainian strikes on Russian refineries and export terminals are also escalating.
At the same time, the U.S. Strategic Petroleum Reserve has fallen to a nearly 40-year low.
This reflects something larger: securing Venezuelan reserves is not a commercial side-deal — it is the centerpiece of the Trump administration's "Monroe Doctrine" energy strategy, locking in the nearest mega-scale oil source while multiple supply lines are under simultaneous stress.
Can the oil actually flow once a deal is signed?
Venezuela holds the world's largest proven reserves, but its oil infrastructure has suffered years of neglect — much of it is effectively decommissioned.
In plain terms = the reserves on paper are staggering, but the path from signing to meaningful new barrels reaching the market is long. The near-term boost to U.S. energy supply would be limited.
Roughly half of Venezuela's current output already goes to U.S. refineries. Output is expected to reach ~1.245 million barrels per day by late August, and exports have grown 19.7% this year. The U.S. also ships over 100,000 barrels per day of naphtha — a light petroleum product blended with Venezuela's heavier crude to make it exportable — in the other direction.
Where have the billions gone?
The Council on Foreign Relations notes that since the January U.S. military intervention toppled the Maduro government, roughly 100 million barrels of crude — valued at ~$8 billion — have flowed through a process with minimal transparency or oversight in the first four months alone.
Secretary of State Rubio testified in January that ~$300 million had been transferred to Venezuela via a "short-term" account in Qatar, with another $200 million "still in the account." Energy Secretary Wright later said all $500 million had been sent and future flows would move through a U.S. Treasury account.
In April, a State Department witness told Congress the department had authorized ~$3 billion in disbursements — but did not know the Treasury account balance. The balances of both the Qatar account and the Treasury account have not been disclosed to Congress.
Can this deal actually get done?
Negotiators are acutely sensitive to the charge that the deal "sells off Venezuela's natural resources" and are working to articulate tangible benefits for Venezuelan citizens.
Whether U.S. oil majors can operate safely and sustainably over the long term remains a separate layer of concern.
This means → the transparency question is the make-or-break political test. No matter how large the reserves, if Congress asks "where did the money go?" and gets no clear answer, the deal cannot clear its political hurdle.
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