#oil production #Venezuela #Caracas #NABEP

North American Blue Energy Partners Expands Rig Fleet

In November, North American Blue Energy Partners (NABEP) is poised to enhance its in-country rig fleet to 41, part of the 60 rigs previously announced. This growth comes as the company continues to ramp up its oil production, which has surpassed 223,000 barrels of oil equivalent per day as of late October. The company has implemented a strategic plan to maximize its production capabilities in Venezuela's oil-rich regions.

NABEP has deployed nine drilling rigs for new wells in Venezuela, with three operational in the Junín 10 block of the Orinoco Belt. Another three rigs are set to commence operations soon, while an additional trio is undergoing refurbishment or repositioning. Four more rigs are currently being transported from Houston, Brazil, and Colombia. This substantial fleet addition aims to tap into NABEP’s substantial heavy oil reserves, utilizing advanced HP and NOV models sourced from U.S. manufacturers.

The company's current operational status includes a total of 20 workover rigs, designed to repair existing wells and resuscitate idle or underperforming wells. These rigs are strategically located across significant oil fields in Venezuela: three in Lake Maracaibo, twelve in the Lagunillas and Bachaquero fields, and five in the Orinoco Belt. A total of 15 additional units are under refurbishment in Houston, prepared for deployment in western Venezuela, and all 35 workover rigs are being recertified to Category 4, representing the highest level of safety inspection before returning to service.

NABEP’s recent fleet expansion follows the integration of 11 workover rigs and two drilling rigs that were introduced in October. This significant buildout comes with production figures that have consistently grown, with the company's output climbing from an estimated 200,000 barrels in August to over 223,509 barrels in mid-October.

As NABEP’s CEO Alejandro Betancourt emphasized, the company finances its rig expansions entirely through produced oil. This reinvestment strategy has already contributed to an impressive tenfold increase in production over the past two years. “We are dedicated to injecting substantial capital back into Venezuela's long-overlooked oil sector, which will, in turn, stimulate the national economy,” Betancourt stated. The company is simultaneously planning projections that include both revitalized brown fields and new expansions into challenging green fields, leveraging local Venezuelan workforce expertise.

The expansions align seamlessly with the August 2026 agreement between NABEP and relevant U.S. departments, designed to magnify oil production efforts in Venezuela. Under this agreement, the first million barrels were recently delivered to Corpus Christi, Texas.

Employing around 5,000 local individuals and supporting 10,000 contract workers, NABEP's growth trajectory has seen its daily output surge from approximately 18,000 barrels to over 200,000 barrels within just two years, facilitated by nearly $1 billion in investments funded by the company itself. The same aggressive investment approach continues, with hundreds of millions of dollars being reinvested monthly into increasing production capabilities.

With rights to commercialize over 65 billion barrels of P1 oil reserves, NABEP is committed to introducing nearly $100 billion into enhancing production capacity and upgrading oil and gas infrastructure. The company is rapidly ramping up its operations in vital areas like Lake Maracaibo and the Orinoco Belt, targeting an ambitious goal of exceeding one million barrels of oil production daily.

About North American Blue Energy Partners

North American Blue Energy Partners (NABEP) stands as an independent oil exploration and production firm with operations across North and Latin America and main offices located in Caracas, Maracaibo, and Lechería. The company is devoted to ethically developing energy resources and ensuring safety for its teams while driving prosperity in local communities.