The United States are in negotiations with Venezuela to obtain participation in Venezuelan oil fields. The talks include the possibility of the US obtaining a 100-year concession over several oil fields.
Venezuela, which has the largest proven oil reserves in the world, faces severe economic difficulties. The country has sought foreign investments to revitalize its oil industry, which has been affected by international sanctions and years of mismanagement.
The negotiations arise in a context of energy-related geopolitical tensions. The United States have sought to diversify its oil sources to reduce dependence on other countries.
The specific details of the talks and the exact terms being discussed have not been fully disclosed, but the proposed century-long concession would be among the longest ever negotiated in the oil sector.
