THE US is reportedly close to locking in a “massive” deal for long-term access to Venezuelan crude reserves, sources told Reuters today.

The agreement, which sources told Reuters could be signed and made public soon, would let the US secure a group of oilfields to be developed by US companies, with supply guaranteed for the US.

“This is real and being discussed at the highest levels of the US and Venezuelan governments,” one of the sources said.

“Calling this deal huge would be an understatement. It is massive.”

A separate source said a “lease” was being considered as the legal model, with a further auction to allocate the fields among US producers.

A list of 17 state-run fields includes greenfield sites in the Orinoco Belt combined with mature areas in Lake Maracaibo, some currently operated by a small Chinese firm whose contract was signed during the administration of abducted President Nicolas Maduro.

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.

While full details of the deal have yet to emerge, it could raise constitutional questions and face legal challenges, according to experts.

The Venezuelan government has for decades prevented foreign producers from booking oil reserves, but the Trump administration has been managing sales since US troops imprisoned Mr Maduro in January.

Washington has been trying to secure a stable flow of Venezuelan crude for US refineries while promoting US investment.

Shortly after the operation, the US said major companies would be investing at least $100 billion (£74bn) in Venezuelan oil fields.

There have been few details released on how the US is facilitating sales and how much oil revenue is being returned to the Venezuelan state.

The Trump administration is under pressure ahead of November’s midterm elections over rising petrol prices.

The US has also been looking to replenish its Strategic Petroleum Reserve, including through crude swaps with US producers.

Funding shortages and maintenance have limited efforts to refill it after the US tapped it following the Russia-Ukraine war and again after the Iran war began in February.