US Officials Visit Venezuelan Oil Fields, Highlighting Mutual Gains

US Officials Visit Venezuelan Oil Fields of NABEP

On October 23 and 24, 2026, US Department of State officials, including Chargé d’Affaires John M. Barrett, conducted a tour of the oil fields operated by North American Blue Energy Partners (NABEP). This visit takes place during a historic period, as the company has recently ramped up its production to a remarkable 115,000 barrels per day in the Petrozamora oil fields, highlighting a fruitful collaboration between the US and Venezuela regarding energy production.

The delegation included Daniel Kennedy, Deputy Assistant Secretary for Energy and Critical Minerals, and NABEP CEO Alejandro Betancourt. Their visit commenced at the Bachaquero field located near Lake Maracaibo. Here, they explored the Bachaquero Lago 2 compression module and inspected Bachaquero 3 and Ceuta 4, two projects set to contribute to NABEP’s production output within four months. On the same day, Barrett observed the activities from the Miraflores Palace in Caracas, illustrating the high-level interest in the growing partnership.

The following day, Barrett and Kennedy visited the Junín-10 block within the Orinoco Belt, where NABEP's new drilling rigs are actively operational. Barrett emphasized the significance of this partnership, stating, "Less than two months after announcing this historic agreement, our partner NABEP has already substantially increased oil production and deployed new drilling rigs from the United States. American rigs are creating jobs for Venezuelans, while Venezuelan oil enhances the energy security of America. Both nations are winning from this collaboration."

At the Junín 10 site, which was previously known as Junín Sur, the bulk of NABEP’s new drilling activities are focused. Currently, three drilling rigs are operational, with three additional rigs set to come online shortly. This includes a recent sixth rig’s arrival in Venezuela, indicative of NABEP's commitment to increasing production capacity. In addition, the company currently manages 13 workover rigs dedicated to the maintenance and repair of existing wells, with plans to acquire 15 more.

CEO Alejandro Betancourt remarked, "Every barrel we produce is the result of Venezuelan labor," underscoring the local workforce's essential role in revitalizing the oil fields across the region. He acknowledged the challenges ahead, noting the extensive history some fields have with decades of production while others have yet to be explored completely. "No company understands this terrain better than NABEP, and no one is better positioned to harness its potential,” he added.

As of now, NABEP employs over 5,000 individuals directly and supports more than 10,000 contractor jobs throughout Venezuela. Over the past two years, the company has elevated its output significantly from around 18,000 barrels per day to over 200,000 barrels per day. This growth was made possible by nearly $1 billion in self-funded investments, and the company intends to continue this trend as it reinvests hundreds of millions each month.

Furthermore, on October 19, NABEP reported a combined hydrocarbon production rate of 223,509 barrels of oil equivalent per day across its fields, marking a noteworthy achievement in its operational performance.

This visit by US officials follows the agreement signed in August between NABEP and the US Departments of State and Defense, aimed at significantly boosting oil production in Venezuela. NABEP holds the rights to market over 65 billion barrels of proven reserves in the country and aims to reach a production level exceeding one million barrels of oil per day in the near future.

About North American Blue Energy Partners

North American Blue Energy Partners (NABEP) is an independent oil exploration and production company operating across North and Latin America, with offices in Caracas, Maracaibo, and Lechería. The company is dedicated to the responsible development of energy resources, prioritizing the safety of its workforce and the prosperity of the communities where it operates. For more information, visit www.nabep.net.