The United States has confirmed a 100-year oil concession to a private company operating in Venezuela, according to a report from Argentine newspaper Página|12.
The announcement follows a series of related developments in the South American country's energy sector. Chevron separately said it had reached agreements to double its oil output in Venezuela within five years, as reported by Clarin.com. The moves come amid broader talks between Washington and Caracas.
Página|12's report did not name the specific company receiving the long-term concession, but other outlets have linked the deal to ongoing negotiations involving senior U.S. officials. Perfil reported that Argentine officials explained the agreement touches on the Pentagon and the U.S. State Department. Econojournal, meanwhile, said the Pentagon could take an equity stake in an independent Venezuelan oil company as part of the pact announced by former President Donald Trump.
Venezuela's defense minister has publicly endorsed the arrangement, saying it does not represent a subordination of the country to U.S. interests, according to Infobae.
The 100-year term is unusually long for an oil concession, which typically runs for 20 to 30 years. The deal signals a significant shift in U.S.-Venezuela energy policy, which for years was defined by sanctions aimed at choking off the Maduro government's oil revenue.
The concession also raises questions about how the arrangement will interact with existing U.S. sanctions and whether other foreign firms will seek similar terms.
Watch for further details on the identity of the private company and the exact scope of the Pentagon's potential role in the venture.
