The United States is in talks with Venezuela’s interim government to take direct ownership stakes in some of the country’s major oil fields.

According to reports, the proposed deal could give the US stakes in selected oil fields with about 90 billion barrels of proven crude oil reserves.

Venezuela has the world’s largest oil reserves, estimated at about 303 billion barrels. The fields under discussion were previously operated by Venezuela’s state oil company, PDVSA, private partners and Chinese-backed companies.

The plan could mark a major change in the US approach to energy security, with Washington seeking direct control of foreign oil assets in addition to increasing domestic production.

However, bringing Venezuela’s oil industry back to higher production levels will require heavy investment. Years of underinvestment have left much of the country’s oil infrastructure in poor condition.

Energy consultancy Rystad Energy estimates that about $180bn will be needed over the next 10 years to significantly increase Venezuela’s production capacity. The country currently produces about 1.25 million barrels of crude oil per day.

Some international oil companies are already seeking opportunities in Venezuela. Oilfield services firm SLB and Hunt Oil have signed initial agreements with PDVSA, while Pacific Coast Energy Company is working on plans to operate some mature oil fields.

Under the proposed arrangement, foreign companies would help develop and operate the oil fields, while Venezuela would receive part of the revenue.

US Energy Secretary Chris Wright is expected to meet Venezuelan officials in Caracas next week to discuss plans to speed up the rehabilitation of the country’s oil fields.

Analysts, however, say any major increase in Venezuelan oil production will take time because the country needs large investments to repair its infrastructure and address legal and operational challenges.