United States (U.S.) President Donald Trump's administration is working with Venezuelan officials to sign an agreement to secure long-term access and greater operating control for Washington over a part of the South American country's crude oil reserves. According to several officials familiar with the matter, the deal between the two countries is expected to be signed and made public in the coming weeks.

Under the agreement, several Venezuelan oilfields, including the few where Chinese contractors are working now, will be given to the U.S. American companies would develop those fields and will be responsible for their output. One of the sources said: "This is real and being discussed at the highest levels of the U.S. and Venezuelan governments."

The "lease" model was being considered to make the agreement work. Some of the oil fields in the list are currently operated by a small Chinese firm whose contract was signed during former Venezuelan President Nicolas Maduro's administration.

Department of Energy or Venezuelan officials haven't confirmed or denied the reported prospective agreement. Earlier, it was reported that Venezuela was also considering leaving OPEC as its relations with Washington strengthened.