US nears deal to secure long-term access to Venezuela's oil reserves, sources say
XLE•Possible legal questions and OPEC exit talk
The White House referred questions to the U.S. Department of Energy. Venezuela's oil ministry, state oil company PDVSA and the Energy Department did not immediately reply to requests for comment. Venezuelan oil minister Paula Henao could not be reached for comment.
Venezuela is considering leaving the OPEC oil production group as it strengthens ties with the U.S., Bloomberg reported late on Thursday. Venezuela, which joined the group as a founding member in 1960, has not met OPEC quotas for years as its state-run oil industry suffered from neglect and corruption. The U.S. has long been at odds with OPEC for its influence on oil prices.
Current hydrocarbons regulation in Venezuela, which has the world's largest crude reserves, does not include acreage leases for oil areas, while the Constitution reserves the industry's core activities to the state.
Recently reformed oil legislation allows oilfield operation through joint ventures and production-sharing contracts. For decades, the Venezuelan government has prevented foreign producers from booking the country's oil reserves.
