#oil production #Venezuela #Caracas #North American Blue Energy Partners

NABEP Expands Oil Production Operations in Venezuela

In a significant move to enhance its operational capacity, North American Blue Energy Partners (NABEP) has deployed eleven newly acquired workover rigs, each with a power capacity of 550 horsepower. This initiative marks the first time in over fifteen years that modern mobile maintenance and repair systems have been introduced into the Venezuelan oil fields. The addition of these rigs is critical as NABEP continues to seek efficient ways to optimize its production capabilities.

Continued Investment in Equipment

This boost in operations isn't limited to workover rigs. On October 7, two new 1,500 horsepower drilling rigs arrived, with more equipment anticipated shortly. This new machinery includes a total of 60 drilling towers, 30 steam boilers, and 70 units of heavy machinery, positioning NABEP as the owner of the largest fleet of heavy machinery in the country. This significant investment demonstrates NABEP's ongoing commitment to enhancing productivity and supporting the reactivation of Venezuela's economy.

NABEP's CEO, Alejandro Betancourt, stated, "We are steadily advancing in our efforts to increase oil production. Each rig that arrives in Venezuela brings us closer to our production goals and to revitalizing the country’s economy." According to Betancourt, while the challenges ahead are considerable, the partnership with the U.S. government has proven invaluable in driving these initiatives forward. The company expects to continue reporting progress and developments in the months to come.

Strategic Agreements to Amplify Production

The acquisition of new equipment comes on the heels of an agreement made in August 2026 between NABEP and the U.S. Departments of State and Defense to significantly increase oil production capabilities in Venezuela. NABEP holds the marketing rights to more than 65 billion barrels of categorized P1 oil reserves in Venezuela and plans to invest nearly $100 billion to enhance production capacity and improve oil and gas infrastructure.

NABEP is rapidly expanding its operations in the Maracaibo Lake and Orinoco Belt regions, with a short-term target of elevating production volumes to over one million barrels of oil per day. Remarkably, in just two years, the company has successfully scaled its production from approximately 18,000 barrels per day to over 200,000 barrels per day, driven by $1 billion worth of self-funded investments.

Employment and Economic Impact

Employment figures released by the company indicate that NABEP currently employs around 5,000 individuals directly, alongside providing jobs for approximately 10,000 contractors within Venezuela. This indicates a robust contribution by NABEP to the local economy through job creation and indirect benefits.

About NABEP

North American Blue Energy Partners (NABEP) is an independent oil exploration and production company operating primarily in North America and Latin America. With offices established in Caracas, Maracaibo, and Lechería, NABEP maintains a commitment to the responsible development of energy resources, ensuring the safety of its workforce, and fostering prosperity within the communities it operates.

For more information about North American Blue Energy Partners, visit www.nabep.net.