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The administration is negotiating a long-term lease agreement to secure Venezuelan crude oil reserves for American companies.

The administration announced that it is working on a deal to secure long-term access to Venezuela's crude oil reserves. This agreement would allow the US government to secure a group of 17 Venezuelan oilfields to be developed by American companies, with a guaranteed supply for the US. The deal is currently being discussed at the highest levels of both governments, with a lease model being considered to allocate the fields to US producers through an auction or tender. These fields include green fields in the Orinoco Belt and mature areas in Lake Maracaibo. The administration is seeking as stable flow of Venezuelan crude for US refineries and to promote American investment into the country's deteriorated energy industry. This move is expected to help ease rising petrol prices ahead of the midterm elections. Additionally, the administration is looking for ways to replenish the Strategic Petroleum Reserve, which was tapped during the 2022 invasion of Ukraine and the other war on Iran. The deal may face legal challenges due to Venezuela's constitution reserving core oil activities to the state.

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