The U.S. Department of Defense's Office of Strategic Capital is in preliminary talks to secure a 100-year lease over up to 17 oil fields in Venezuela, according to sources familiar with the matter.
The assets under consideration span key producing regions, including the Junin area in the Orinoco belt and legacy fields around Lake Maracaibo. The discussions are being facilitated through energy investor Alejandro Betancourt, acting as an intermediary between Washington and Venezuelan authorities.
Chevron Corp. and Halliburton Co. are separately nearing multi-billion-dollar agreements to expand production in Venezuela, sources told The Wall Street Journal. Chevron currently operates three joint ventures with state producer PdVSA and is seeking to add two heavy-oil fields to its existing operations.
The Pentagon's Office of Strategic Capital, established in 2022, would manage the prospective investment to channel private capital into critical sectors. The move follows Washington's recent relaxation of sanctions on Venezuelan oil, implemented after the January capture of former President Nicolás Maduro and the installation of Delcy Rodríguez.
Global crude prices have risen amid Middle Eastern supply disruptions and heightened tensions with Iran, increasing the urgency for Western capital deployment in Venezuela. While major conservative operators such as ExxonMobil Corp. and ConocoPhillips remain cautious, independent intermediaries and service firms are positioned to lead initial reinvestment efforts.
The framework under review involves a long-term lease arrangement, though no final agreements have been reached. Further details on the timeline and specific terms remain undisclosed.
