The White House said on Monday that Venezuelan interim authorities granted U.S.-backed North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields with proven reserves of about 65 billion barrels. ^[1] The White House and Venezuela's interim president disagree on the deal's length: the White House claims 100-year concessions for 17 oil fields, while Delcy Rodriguez had previously announced a 25-year deal. ^[2] The White House said in 2026 that North American Blue Energy Partners (NABEP) granted the Pentagon's Office of Strategic Capital a 35% equity stake in its corporate parent at no cost to the American taxpayer, as part of a Venezuela oil deal. ^[3] The agreement grants the United States the right to extract 65 billion barrels of Venezuelan oil across 17 fields for a duration of 100 years. ^[4] The Trump administration announced a pact with Venezuela to reinvigorate the country's oil industry, granting the United States control over a significant portion of its reserves. ^[5] On August 28, Donald Trump announced a historic oil agreement with Venezuela, claiming it grants the US majority control over 65 billion barrels of crude reserves. ^[6] NABEP is the second-largest private oil producer in Venezuela. ^[7] NABEP is expected to pay $200bn in royalties and taxes over the first 25 years of the deal to fund Venezuelan reconstruction and social development, according to the White House. ^[8] Venezuelan interim President Delcy Rodriguez assumed power in January after a US military operation captured President Nicolas Maduro. ^[9] The US government secured the right to purchase 20% of the production at cost and has a preferential acquisition right for the remaining 80%. ^[10] Delcy Rodríguez, the interim president of Venezuela, responded to the announcement with gratitude, stating the agreement would boost the country's economic growth and regional energy security. ^[11] International media outlets verified that the US will not own all 65 billion barrels but will become the majority owner of a new company with rights to develop and operate 17 oil fields in the Orinoco Belt and Lake Maracaibo. ^[12]