Venezuela has granted North American Blue Energy Partners (NABEP), the country’s second-largest private oil operator, a century-long claim to 17 oil fields holding roughly 65 billion barrels in reserves. Under the agreement, NABEP gave the U.S. Department of War’s Office of Strategic Capital a 35% stake in its parent company at no cost. The State Department obtained rights to purchase 20% of future production at production cost and a right of first refusal over the remaining 80%. The U.S. also received veto power over NABEP’s board, which must have a majority of American citizens. NABEP has pledged $100 billion in new oil infrastructure investment. President Trump described the arrangement as the "biggest oil deal in world history" and said the oil would help refill the Strategic Petroleum Reserve, calling it a "gift" from Venezuela to the American people. The White House said several fields had previously been controlled by Russian or Chinese companies and framed the agreement as a reassertion of the Monroe Doctrine in the Western Hemisphere. NABEP is expected to pay Venezuela about $200 billion in royalties and taxes over 25 years under a broader plan for "stabilization, reconstruction and democratic transition."