Washington negotiates stakes in Venezuelan oil fields with leases of up to a century

The United States government is negotiating with Venezuela's interim administration to acquire stakes in several of the country's oil fields, according to Axios and Bloomberg. The potential arrangement could include leases of up to a century, as reported by unnamed senior US officials. Neither side has confirmed the talks, and the White House has declined to comment.

The talks cover around a dozen fields holding approximately 90 billion barrels of proven reserves, which constitute nearly a third of Venezuela's certified reserves. The negotiation process is led by Secretary of State Marco Rubio and acting President Delcy Rodríguez, with no timeline for a final agreement. Energy Secretary Chris Wright may travel to Venezuela next week.

The deal is perceived as significant by officials, who liken it to a "huge" move. The US government's interest in Venezuela's hydrocarbon resources is driven by rising petrol prices and the need to replenish the Strategic Petroleum Reserve ahead of the November midterm elections. This move also aligns with a broader pattern of the US government acquiring stakes in companies like Intel, MP Materials, and Lithium Americas.

Additionally, Venezuela is reportedly considering leaving the Organization of the Petroleum Exporting Countries, following its failure to meet quota commitments.