Venezuela’s National Assembly has backed an oil deal with the administration of US President Donald Trump, ahead of a planned visit to Caracas by US Energy Secretary Chris Wright, according to Reuters.

The agreement would give the US access to around one-fifth of Venezuela’s oil reserves through an arrangement under which private oil company North American Blue Energy Partners (NABEP) would receive a 100-year lease for 17 oil fields in Venezuela holding some 65 billion barrels of oil reserves.

The US will take a 35% equity stake in the corporate parent company, receive a guaranteed 20% of the oil production and hold a right-of-first-refusal to purchase all of the remaining output.

Wright is scheduled to travel to Venezuela on Wednesday to sign an agreement with a private entity, as Reuters reported.

Chevron, the only major US oil company currently operating in Venezuela, is also expected to expand its operations in the country. In addition, Italy’s Eni, India’s ONGC, Colombia’s GeoPark and US GE Vernova are on track to sign agreements for energy projects in Venezuela this week, Reuters reported on Monday.