The U.S. Department of Defense is evaluating a long-term lease arrangement on Venezuelan crude oil fields through an intermediary, according to reports citing unnamed sources familiar with the matter. The negotiations, led by the Pentagon’s Office of Strategic Capital, involve up to 17 oil fields across Venezuela’s primary basins, including the Junin area in the Orinoco belt and traditional fields around Lake Maracaibo.
The proposed 100-year lease model would grant the U.S. a direct stake in assets that have drawn renewed interest amid easing sanctions and rising global oil prices. Washington assumed effective control over Venezuelan oil sales following the January capture of former President Nicolás Maduro and the subsequent inauguration of Delcy Rodríguez. The shift in policy has paved the way for Western capital to re-enter the country’s energy sector, which has struggled with years of underinvestment and declining production.
Major U.S. energy companies, including Chevron Corp. and Halliburton Co., are nearing multibillion-dollar agreements to expand operations in Venezuela. Chevron is reportedly finalizing deals to add two heavy oil fields to its existing three joint ventures with PdVSA, the state-owned oil company. The potential investments come as global crude prices surge, driven by geopolitical tensions in the Middle East and supply restrictions.
While conservative operators like ExxonMobil and ConocoPhillips remain cautious, the Pentagon’s involvement signals a strategic push to secure energy supply amid broader efforts to diversify U.S. sources. The Office of Strategic Capital, established in 2022 to channel private capital into critical sectors, is being considered to manage the potential investment. The outcome of these negotiations could reshape Venezuela’s oil sector and influence regional energy dynamics.
