Venezuela grants U.S.-backed oil firm 100-year concessions for 17 fields

Venezuela's interim authorities have granted U.S.backed North American Blue Energy Partners, or NABEP, 100year concessions for 17 oil fields, according to the White House. The fields reportedly hold about 65 billion barrels in proven reserves. The White House said the U.S. Department of War's Office of Strategic Capital has taken a 35% equity stake in NABEP's corporate parent. It described the arrangement as potentially worth hundreds of billions of dollars in value and dividends for the United States. The agreement follows President Donald Trump's announcement of a deal that would give the U.S. majority control over part of Venezuela's oil reserves. Washington also said it would have the right to buy 20% of NABEP's output at production cost, along with a right of first refusal on the remaining production. Analysts have questioned whether the deal will lower U.S. gas prices in the near term. They said Venezuela's oil sector still needs major investment after years of underinvestment, sanctions, and poor management. NABEP said it plans to invest up to $100 billion in new oil infrastructure, while the White House said the company is expected to pay $200 billion in royalties and taxes over 25 years.