Several companies with close ties to the Trump administration are now in talks to secure access to Venezuela's oil resources, aiming to capitalize on Washington's leverage over the struggling energy sector of the Latin American nation.

Houston-based oil producer Sable Offshore is among a select group of firms engaged in deep negotiations with the Venezuelan government to finalize oil field development contracts, according to two sources familiar with the matter. The company's vice president for policy and commercial affairs, Brittany Kelm, served until last month as a senior advisor on the White House National Energy Dominance Council, acting as the top liaison between the administration and the oil and gas industry. Four months ago, she posted a photo on LinkedIn showing her arm around Venezuela's de facto leader, Delcy Rodríguez, with the caption: "We can't wait to continue supporting Venezuela's economic growth through U.S. investment." Sable did not respond to requests for comment.

Earlier this year, Trump administration officials backed Sable's efforts to restart oil production off the California coast, with Trump himself invoking the Defense Production Act to order the company to resume offshore drilling and pipeline operations in the state.

Another energy firm, Primavera, co-founded by former Coinbase president Fred Ehrsam, also signed an oil field development agreement on Wednesday. Ehrsam contributed $1 million to Trump's 2025 inauguration fund and was appointed by Trump in March to serve as an advisor on the Science and Technology Council. He did not respond to requests for comment. In May, Ehrsam appeared as a special guest at an event hosted by Venezuela's central bank governor, where he encouraged investment and highlighted the country's "vast opportunities."

These deals come less than a year after the U.S. detained President Nicolás Maduro in January and installed Vice President Rodríguez in power. The Rodríguez government subsequently pushed through legislation to open the oil and mining sectors to foreign investment.

The Sable and Primavera agreements differ from another Trump administration arrangement—a joint venture with North American Blue Energy Partners, a private oil company owned by Alejandro Betancourt, aimed at controlling Venezuela's 65 billion barrels of oil reserves.

Throughout his tenure, Trump has relied heavily on support from oil and gas executives, an industry that contributes tens of millions of dollars to Republican campaigns each election cycle. During the 2024 campaign, he convened oil executives and asked for $1 billion in campaign contributions, promising to dismantle former President Biden's climate policies if re-elected. More recently, amid competitive U.S. Senate races, Trump hosted a fundraising dinner in Houston—the heart of America's oil and gas industry.

With rising U.S. gasoline prices driven by the Iran conflict, the White House is eager to showcase progress in Venezuela. Following the announcement of these deals on Friday, Chevron said Wednesday it would commit $7 billion to expand its operations in the country, whose energy infrastructure has deteriorated from years of neglect. Energy Secretary Chris Wright said Wednesday that Trump "wants to see rapid transformation both inside Venezuela and in U.S.-Venezuela relations."

Businesspeople operating in Caracas say the JW Marriott hotel has become a bustling hub of activity. One negotiator involved in the talks joked: "Cowboy boots are back in Caracas. It's like Blood Diamond meets Landman—the atmosphere is surreal."

The deals extend beyond oil. Yorkville International Capital, a special purpose acquisition company (blank-check firm) led by Kevin McGurn, interim CEO of Trump Media & Technology Group (which owns the Truth Social platform), stated in a May securities filing that it is seeking to raise funds for energy, infrastructure, mining, or financial services projects in Latin America and Venezuela. Yorkville did not respond to requests for comment.

In the initial months following Maduro's detention, a wave of small independent companies signed memorandums of understanding with Venezuela to explore opportunities, though few converted those into formal contracts. These included Hunt Oil Company, run by a grandson of Texas oil tycoon H.L. Hunt, and HKN Energy, controlled by Dallas billionaire Ross Perot Jr. Hunt Oil said in August it had signed an agreement with Venezuela's state oil company to help boost the country's production.