Pentagon Eyes 100-Year Lease on Venezuela Oil Fields

The U.S. Department of Defense is reportedly negotiating a major energy partnership that could give Washington a direct stake in Venezuela’s vast crude oil resources as it seeks to strengthen control over strategically important energy supplies.

According to Bloomberg, the Pentagon is in discussions with energy investor Alejandro Betancourt over potential investments covering as many as 17 Venezuelan oil fields. The assets span several of the country’s main producing regions, highlighting Washington’s growing interest in rebuilding Venezuela’s struggling oil industry.

One proposal under consideration could grant the United States a 100-year lease on key energy assets. The potential portfolio reportedly includes fields in the Junin region of Venezuela’s oil-rich Orinoco Belt as well as older producing areas surrounding Lake Maracaibo.

The Pentagon’s Office of Strategic Capital could play a role in managing the investment. Established in 2022, the office was designed to encourage private investment in industries considered important to U.S. national security and strategic interests.

The talks come as major U.S. energy companies explore opportunities to increase Venezuelan oil production. The Wall Street Journal reported that Chevron and Halliburton are approaching multibillion-dollar agreements aimed at expanding operations in the country. Chevron is reportedly seeking to add two heavy-oil fields to its existing three joint ventures with Venezuelan state oil company PdVSA.

Washington has eased sanctions and taken greater control over Venezuelan oil sales following the January capture of former President Nicolás Maduro and the installation of Delcy Rodríguez. President Donald Trump has promoted efforts to revive Venezuela’s once-dominant energy sector, although production has recovered slowly amid persistent political and investment risks.

The push has gained additional urgency as global crude oil prices rise amid the conflict with Iran and broader Middle East supply concerns. While major producers such as ExxonMobil and ConocoPhillips remain cautious about returning to Venezuela, independent investors, oilfield service providers and intermediaries could lead the first phase of renewed Western investment.

A Pentagon-backed deal would mark a significant expansion of U.S. involvement in Venezuela’s oil industry and could reshape access to some of the world’s largest crude reserves.