US Nears Deal for Stake in Venezuelan Oil Field With 90 Billion Barrels of Proven Reserves

The US is close to an agreement to secure an ownership stake in a major Venezuelan oil field with about 90 billion barrels of proven crude reserves, Axios reported on August 27.

The US has been negotiating to acquire a stake in the field and is nearing a deal, the report said.

If the agreement is completed, the US would gain a direct interest in Venezuela's oil resources through the stake.

The size of the stake, deal terms and the timing of any agreement were not disclosed.