Venezuela has granted North American Blue Energy Partners (NABEP), the country’s second-largest oil producer, century-long concessions covering 17 fields with roughly 65 billion barrels of proven reserves. The White House disclosed the terms on Monday, days after Washington and Caracas agreed to give the U.S. partial control over Venezuela’s oil reserves. Under the arrangement, the U.S. government can purchase 20% of production from NABEP-operated fields, including existing and future output, at production cost to replenish the Strategic Petroleum Reserve (emergency U.S. crude stockpile). NABEP is expected to pay about $200 billion in royalties and taxes during the first 25 years and plans to invest around $100 billion in new Venezuelan oil infrastructure. The White House said the investment would generate tens of billions of dollars in wider economic activity and support thousands of high-paying jobs. In a separate disclosure, NABEP said it granted the U.S. Department of War’s Office of Strategic Capital a 35% stake in its corporate parent, representing up to hundreds of billions of dollars in value and dividends for the United States. Reuters reported that some fields previously operated by Chinese and Russian companies would transfer to NABEP, including two run by China Concord Resources and one each operated by Sinopec and PetroChina. Neither Sinopec nor PetroChina immediately commented. The deal could redirect foreign participation in Venezuela’s upstream oil sector, although the full scope of the transfers and compensation for departing operators remains unclear.