US secures 100-year concessions in Venezuela oil deal: White House

The White House provided specific details regarding an energy pact that grants Washington majority control over 65 billion barrels of proven oil reserves in Venezuela. North American Blue Energy Partners (NABEP) has granted the Pentagon’s Office of Strategic Capital a 35 per cent equity stake in its corporate parent “at no cost to the American taxpayer”, the White House said about the deal that was announced on Friday. Furthermore, the US State Department has the right to purchase 20pc of the production at cost. A notable discrepancy emerged between the two capitals regarding the duration of the agreement. While Venezuelan interim President Delcy Rodriguez previously announced a 25-year deal, the White House said that the private firm NABEP has secured 100-year concessions for 17 specific oil fields. Rodriguez assumed power in January after a US military operation captured President Nicolas Maduro. The agreement provides fiscal support for the interim government, with NABEP expected to pay $200bn in royalties and taxes in the first 25 years to fund reconstruction and social development. Strategic control, infrastructure The deal is governed by US law and subject to the jurisdiction