#oil production #NABEP #North American Blue Energy Partners

North American Blue Energy Partners Expands Drilling Capacity

In a significant move for the energy sector in Venezuela, North American Blue Energy Partners (NABEP) has announced an increase in its drilling fleet to a total of 41 rigs out of a planned 60, signaling robust growth in its operations. This expansion is set to take place by November 2026 and focuses on improving oil production capabilities in the region.

Expansion Details

The company currently operates nine drilling rigs in Venezuela designed for tapping into new oil wells. Out of these, three rigs are actively functioning in the Junín 10 block, located in the Orinoco Oil Belt, while three more are set to commence operation shortly. The remaining three rigs are either undergoing refurbishment or are in transit to their designated drilling sites.

Additionally, NABEP is bringing in four more rigs from Houston, Brazil, and Colombia, which will facilitate the commencement of oil production from the company’s heavy oil reserves. These drilling units include models from notable American manufacturers such as HP and NOV.

Apart from the drilling rigs, NABEP also possesses 20 well reconditioning rigs deployed across various regions in Venezuela. This includes three rigs at Lake Maracaibo, 12 in the Lagunillas and Bachaquero fields, and five more in the Orinoco Oil Belt. The other 15 rigs are being refurbished in Houston before being sent to the western areas of Venezuela. All 35 rigs will undergo a rigorous Category 4 recertification process, ensuring compliance with the highest standards prior to operational deployment.

This increase in equipment comes on the heels of October's addition of 11 well reconditioning rigs, each with 550 horsepower, and two drilling rigs with 1,500 horsepower. NABEP's efforts are aimed at elevating their production levels from an estimated 200,000 barrels per day recorded in August to significantly higher figures.

Production and Financial Insights

NABEP's production hit 223,509 barrels of oil equivalent daily by October 19, reflecting its pivotal role in Venezuela's oil industry resurgence. Alejandro Betancourt, NABEP's CEO, emphasizes the company's approach of financing its operations through the oil produced, reiterating their successful strategy that has multiplied production tenfold within two years.