Venezuela granted a U.S.-backed oil producer 100-year concessions for 17 oil fields containing about 65 billion barrels of proven reserves.

The White House announced the details on Monday evening following an agreement reached late last week. North American Blue Energy Partners, or NABEP, received the rights under Venezuela's new hydrocarbons law. The company is the second-largest private oil producer in the country and currently pumps more than 200,000 barrels per day.

Under the arrangement, NABEP granted the U.S. Department of War's Office of Strategic Capital a 35 percent equity stake in its corporate parent at no cost to American taxpayers. The U.S. Department of State secured the right to purchase 20 percent of all current and future output at production cost, along with the right of first refusal on the remaining 80 percent. The deal also gives Washington significant governance rights, including veto power over board appointments, with a majority of board members required to be U.S. citizens.

NABEP has committed to investing up to $100 billion in new infrastructure to scale production. The White House projects that the company will pay roughly $200 billion in royalties and taxes to Venezuela over the first 25 years. Several of the fields were previously operated by Chinese or Russian companies.

President Trump described the overall agreement as the biggest oil deal in world history. It provides the United States with majority control over more than 65 billion barrels of Venezuelan reserves, exceeding the roughly 46 billion barrels in proven U.S. reserves as of the end of 2024. The oil is intended to help refill the Strategic Petroleum Reserve and support military and other uses.

Venezuelan interim authorities confirmed the concessions align with efforts to modernize and privatize the country's oil sector. The deal is expected to generate substantial revenue for reconstruction and social development in Venezuela.