NABEP Expands Rig Fleet to 41 Amid Increased Oil Production in Venezuela

In a significant development for Venezuela's oil sector, North American Blue Energy Partners (NABEP) is set to increase its local fleet to 41 drilling rigs this November, having already surpassed a daily production of 223,000 barrels of oil equivalent as of October 19. This announcement follows the earlier unveiling of plans that indicated the company would acquire a total of 60 rigs, aimed at revitalizing the long-overlooked oil industry in the region.

Fleet Expansion and Production Strategy

NABEP has actively deployed nine drilling rigs within Venezuela, where they are engaged in drilling new wells. Three of these rigs are operational at the Junín-10 block in the Orinoco Belt, with three more preparing to commence operations soon. Additionally, three rigs are currently undergoing modernization to enhance their efficiency and reliability. Furthermore, four additional rigs are being transported from locations in Houston, Brazil, and Colombia, aimed at tapping into the heavy oil reserves in the area.

The NABEP fleet not only includes drilling rigs but also benefits from the support of 20 workover rigs, which are essential for repairing existing wells and reviving those that have been inactive or underperforming. The pivotal locations for these operations include the Maracaibo Lake, Lagunillas, Bachaquero fields, and Orinoco Belt, where coordinated efforts are being made to ensure optimal production levels. A thorough re-certification process to category 4, which represents the highest standard of inspection for drilling platforms, will be applied to all 35 workover rigs prior to their reactivation.

This marks the second fleet upgrade for NABEP within a short duration, as they have previously integrated eleven new 550-horsepower workover rigs and two 1,500-horsepower drilling rigs in their strategic expansion endeavors. The company’s production numbers have seen a notable rise, surging from approximately 200,000 barrels in August to an impressive 223,509 barrels daily by mid-October. CEO Alejandro Betancourt emphasized a reinvestment strategy where every rig is financed through the oil produced, enabling them to multiply their output tenfold in just two years.

Commitment to Revitalization and Economic Growth

NABEP does not just aim to expand its operations; it also seeks to breathe new life into Venezuela's economy through substantial investment in the oil sector. The company plans to inject nearly $100 billion into enhancing both production capacities and oil gas infrastructure. This dedication to local development extends to collaborating with Venezuelan workers and promoting the comprehensive growth of the energy landscape in the country.

“We are committed to making a transformative impact on Venezuela's oil industry,” stated Betancourt. NABEP is employing not only a reinvestment approach but also working in harmony with the agreements established with the U.S. Department of State and the Department of Defense in August 2026. The initial shipment tied to this agreement, containing one million barrels of oil, successfully reached Corpus Christi, Texas on October 27.

Workforce and Future Aspirations

With a skilled workforce of 5,000 employees alongside supporting 10,000 contractors, NABEP has managed to ramp up its production through an estimated investment of around one billion dollars, marking a remarkable turnaround from approximately 18,000 barrels to over 200,000 barrels daily. This ambitious momentum intends to sustain as additional hundreds of millions of dollars are reinvested into operations each month, triggering a chain of positive developments.

Through ongoing advancements in oil recovery techniques and strategic investments, NABEP is poised to expand its activities in both the Maracaibo Lake region and the Orinoco Belt. The immediate target is to ramp up production capabilities beyond one million barrels per day, which would solidify its role as a key player within the industry.

About NABEP

North American Blue Energy Partners (NABEP) is an independent oil exploration and production company with operational footprints in both North and Latin America. With headquarters in Caracas, and facilities in Maracaibo and Lechería, NABEP is committed to the responsible development of energy resources, ensuring the safety of employees, and fostering the prosperity of local communities. For more information, visit www.nabep.net.