Venezuela grants 17 oil fields in 100-year deal with U.S.-backed firm

Venezuela's interim authorities granted U.S.-backed North American Blue Energy Partners 100-year concessions for 17 oil fields holding about 65 billion barrels of proven reserves, expanding a deal President Donald Trump cast as a major U.S. energy win. The White House said the U.S. Department of War's Office of Strategic Capital will hold a 35% equity stake in NABEP's parent and secure the right to buy 20% of output at production cost, plus first refusal on the rest. Analysts told PBS and BBC that the arrangement is highly unusual and may face legal and practical hurdles, because Venezuela's oil sector has been weakened by corruption, underinvestment and sanctions. CNBC reported NABEP plans up to $100 billion in infrastructure spending.