[UPDATE] Pentagon takes a 35% stake in the company holding 100-year rights to 17 Venezuelan oil fields

The equity sits with the Pentagon's Office of Strategic Capital.

The concession now runs 100 years rather than 25, and the Pentagon's Office of Strategic Capital holds a 35% equity stake in the venture. The U.S. may buy 20% of production at cost, with first refusal on the rest. CBS reports oil could take at least two years, and possibly five to seven, to reach the Strategic Petroleum Reserve.

PREVIOUSLY

On Aug. 31, a U.S.-led venture won 25-year exclusive rights to 17 Venezuelan oil fields and access to 65 billion barrels, targeting more than 1.5 million barrels a day and over $100 billion in investment, with no start date or production schedule disclosed.

Terms disclosed:

Concessions to North American Blue Energy Partners run 100 years across 17 fields.
The U.S. keeps substantial power to appoint board members.
BBC reports the deal is promoted as spurring new investment in Venezuela.