Venezuela grants 100-year rights to 17 oil fields in US-backed deal

Venezuelan interim authorities granted North American Blue Energy Partners 100-year concessions for 17 oil fields holding about 65 billion barrels, in a deal that gives the United States an unusually direct role in overseas oil production. CNBC reported the White House said the Office of Strategic Capital will receive a 35% equity stake in NABEP's parent company, while Washington can buy 20% of production at cost and gets first refusal on the rest. President Donald Trump has cast the pact as a way to tap Venezuela's vast reserves, but analysts interviewed by PBS warned output gains would take time because the sector has been hobbled for years by underinvestment, corruption and sanctions.