The arrival of eleven drilling rigs with a power of 550 horsepower to Venezuela's oil fields this month indicates an increase in the country's oil production capacity. North American Blue Energy Partners (NABEP) has announced that these rigs are the first portable maintenance units to be brought to these fields in over 15 years.
Increase in Production and Investment
On October 7, two drilling rigs with a power of 1500 horsepower also arrived in Venezuela, and more equipment will be sent to the country in the near future. NABEP has announced that it has purchased 60 rigs, 30 boilers, and 70 pieces of heavy machinery, which are recognized as the largest fleet of heavy machinery in Venezuela. The company's oil production has increased from 18,000 barrels per day to over 200,000 barrels in the past two years, driven by an investment of around one billion dollars.
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Advancements in Oil Production
Alejandro Betancourt, founder and CEO of NABEP, has stated that the company is seriously increasing oil production. Given the oil markets' need for reliable barrels, the timing of these rigs' arrival is very important. Venezuela, holding the largest proven oil reserves in the world, produces about one million barrels daily, which is less than one-third of the country's previous production.
The PetroZamora oil fields, including the Bachacharo, Lagunillas, and Ceuta fields, are among the oldest oil fields in the Maracaibo basin. NABEP has been in charge of operations in these fields since April 2024, and their production has increased from 18,000 barrels per day at the beginning of 2024 to 100,000 barrels by mid-2026. This fourfold increase in less than two years has occurred without discovering new reserves and is due to improved investment and equipment.
Analyses indicate that most production comes from existing fields with known geology, and using capital, equipment, and experienced personnel, production has improved within a few months. This trend suggests that oil recovery in Venezuela may happen faster and at a lower cost than previously thought.
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