Investing.com -- The U.S. Department of Defense is negotiating a major partnership with energy investor Alejandro Betancourt to secure a direct stake in Venezuelan crude reserves, Bloomberg reported Friday. The discussions center on as many as 17 oil fields across Venezuela’s primary basins, reflecting Washington’s aggressive push to consolidate influence over the nation’s energy infrastructure.

Under one framework being evaluated, the U.S. could secure a 100-year lease over assets that include the Junin area in the Orinoco belt and legacy fields around Lake Maracaibo. The Pentagon’s Office of Strategic Capital, created in 2022 to direct private capital into critical sectors, is being considered to manage the prospective investment. The military initiative comes alongside parallel efforts by major corporate players to expand their footprint in the region. The Wall Street Journal reported earlier today that Chevron Corp. and Halliburton Co. are nearing multi-billion-dollar deals to boost Venezuelan production, with Chevron seeking to add two heavy-oil fields to its three existing joint ventures with state producer PdVSA.

Washington has effectively assumed control over Venezuelan oil sales and relaxed sanctions following the January capture of former President Nicolás Maduro and the installation of Delcy Rodríguez. While President Donald Trump has championed the revitalization of Latin America’s former oil titan, actual output recovery has remained sluggish as major energy operators navigate ongoing political uncertainty.

Against that backdrop, rising global crude prices driven by conflict with Iran and Middle Eastern supply strains have heightened the urgency for Western capital deployment. While conservative majors like ExxonMobil Corp. and ConocoPhillips maintain a cautious stance, independent intermediaries and service firms appear positioned to lead the initial wave of reinvestment.