North American Blue Energy Partners (NABEP) has recently transferred 11 new workover rigs with a capacity of 550 horsepower to Venezuela. These rigs are recognized as the first mobile maintenance rigs in the oil fields of this country in over 15 years. Additionally, two new drilling rigs with a capacity of 1500 horsepower were brought to the country on October 7.
Increase in Oil Production Capacity
NABEP has announced that these rigs will contribute to the continuous increase of oil production in Venezuela. The company has also purchased 60 rigs, 30 steam boilers, and 70 pieces of heavy machinery, claiming to have the largest fleet of heavy machinery in Venezuela. Alexandru Betancourt, the CEO of the company, emphasized that every new rig that arrives in Venezuela brings us closer to our production goals and helps revive the country's economy.
Investment and Future Plans
These purchases were made following NABEP's agreement with the U.S. Departments of State and Defense in August to significantly increase oil production in Venezuela. NABEP claims to hold the rights to exploit over 65 billion barrels of P1 reserves in this country and intends to invest nearly $100 billion to increase production capacity and improve oil and gas infrastructure. The company is expanding its operations in Lake Maracaibo and the Orinoco Belt, with a short-term goal of increasing production to over 1 million barrels per day.
Betancourt also pointed to U.S. support as key to achieving this goal, stating, "The challenge ahead is great, but there is no better partner than the U.S. government." He added that the company looks forward to continuing to share its progress in the coming months.
NABEP has announced that it has been able to increase its oil production from about 18,000 barrels per day to over 200,000 barrels per day over the past two years, with this increase supported by its nearly $1 billion investment. The company also employs 5,000 people and supports 10,000 contract workers in Venezuela.
