New Delhi, Sept. 1 -- The White House revealed on Monday that Venezuela has granted the company North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields.

On Monday, the White House released the terms of the deal, which came days after Washington and Caracas reached an agreement that gave the former partial control over Venezuela's oil reserves.

NABEP, a privately held oil company, is the second-largest Venezuelan oil producer and a proven operator, and will pay around $200 billion in royalties and taxes over the first 25 years, the White House revealed.

The Venezuelan oil fields have been granted to a private company; the US is creating a joint venture with NABEP, which is owned by Venezuelan tycoon Alejandro ...