US in Talks to Secure Long-Term Oil Leases in Venezuela

The United States is reportedly in negotiations with Venezuela’s interim government to obtain interests in several oil fields, with lease agreements potentially lasting up to a century. Reports from Axios and Bloomberg highlight that the discussions involve approximately a dozen fields, which collectively hold around 90 billion barrels of oil reserves.

While neither party has publicly confirmed the talks, officials suggest that such arrangements could significantly increase Venezuela's revenue through enhanced production. The negotiations are being led by Secretary of State Marco Rubio alongside acting president Delcy Rodríguez, with Energy Secretary Chris Wright considering a visit to Venezuela soon.

This initiative comes as the US grapples with rising fuel prices ahead of the upcoming midterm elections, alongside efforts to replenish its Strategic Petroleum Reserve. The arrangement could also reflect a broader strategy by the US to enhance its influence in the region, reminiscent of its recent investments in various sectors. Meanwhile, Venezuela's oil production stands at around 1.25 million barrels per day, with discussions of the nation potentially exiting the OPEC organization it co-founded.

Source: en.mercopress.com