The US hopes to conclude a long-term energy deal with Venezuela as early as September.
According to the publication, US Secretary of State Marco Rubio and Energy Secretary Chris Wright are planning to visit Venezuela in early September to announce the deal. However, some oil and gas industry experts doubt that a substantial agreement can be finalised by that date.
As the newspaper notes, a number of obstacles remain on the path to an agreement, including opposition within Venezuela to handing over control of natural resources to the US. It cannot be ruled out that amendments to the Venezuelan Constitution will be required for the agreement to be implemented.
According to sources, the parties are discussing granting the US long-term lease rights to at least 17 oil fields. These are contracts that would cover around a third of Venezuela’s oil reserves. This would give Washington access to approximately 90 billion barrels of Venezuelan oil.
On 27 August, the Axios website reported that the US administration is describing the potential deal as ‘massive’. According to the publication, should the deal go ahead, US oil reserves could more than double.
On 28 August, Bloomberg reported that Washington is discussing with Caracas the possibility of leasing certain Venezuelan oil fields for a period of 100 years.
