The U.S. Department of Defense is engaged in preliminary discussions to secure long-term access to Venezuelan oil fields, including a framework that contemplates a 100-year lease for assets in the Orinoco belt and around Lake Maracaibo, according to people familiar with the matter.
The talks, mediated by energy investor Alejandro Betancourt, center on as many as 17 oil fields across Venezuela’s primary basins, with the Pentagon’s Office of Strategic Capital evaluating the arrangement. The proposed lease would cover the Junin area in the Orinoco belt and legacy fields in the Lake Maracaibo region, both key to Venezuela’s heavy crude production.
The discussions follow separate efforts by U.S. oil majors Chevron Corp. and Halliburton Co. to finalize multi-billion-dollar agreements aimed at increasing Venezuelan oil output. Chevron is seeking to expand its operations by adding two heavy-oil fields to its existing three joint ventures with state producer PdVSA, according to reports cited by The Wall Street Journal.
Venezuela holds the world’s largest proven oil reserves, though production has declined amid years of underinvestment and U.S. sanctions. The Pentagon’s Office of Strategic Capital, established in 2022, has not publicly commented on the potential deal. The proposed framework remains under review, with no final decisions made.
The talks coincide with shifting geopolitical dynamics in Latin America, including the recent political transition in Venezuela following the capture of former President Nicolás Maduro and the subsequent installation of Delcy Rodríguez in January 2026.
