The Trump administration is discussing with Venezuela’s interim government a potential U.S. ownership stake in the South American country’s oil resources, Axios reported on Thursday.
The talks are still ongoing and no final agreement has been reached, according to the report, which cited two U.S. officials.
The proposed arrangement would cover more than a dozen productive oil fields in Venezuela, including assets previously controlled by former Venezuelan insiders and interests linked to China.
Under the plan, the United States would receive an ownership stake in the oil assets in exchange for helping attract investment and development.
The deal could more than double the amount of oil reserves effectively held by the United States, Axios reported.
Private companies, including U.S. firms, would be expected to develop and operate the fields under the proposed arrangement.
The companies would also generate oil revenues for Venezuela’s government, providing a potential source of income for the country.
The discussions come as Washington seeks greater involvement in Venezuela’s oil sector and explores ways to reshape the country’s energy industry.
Venezuela holds some of the world’s largest crude oil reserves, making control and development of its oil fields strategically significant.
The talks remain subject to negotiations, with the scope, ownership terms and implementation of any potential agreement yet to be finalized.