Venezuela grants 100-year oil concessions to NABEP, targets 150% output rise by 2028

Venezuela's NABEP has secured 100-year concessions for 17 oil fields with 65 billion barrels of proven reserves, aiming to boost production by 150% by 2028. The move signals a major shift in Venezuela's energy policy, likely attracting foreign investment but facing operational and sanctions-related hurdles. The scale of reserves and long-term concession terms could reshape global oil supply dynamics if realized.