The North American Blue Energy Partners (NABEP) company is deploying 11 new drilling rigs with a capacity of 550 horsepower in Venezuela to increase oil production. These rigs are the first mobile maintenance equipment to be utilized in the oil fields of this country in over 15 years. Additionally, two new drilling rigs with a capacity of 1500 horsepower have also arrived in Venezuela on October 7, and NABEP has announced that more equipment will be sent to the country soon.
Increasing Oil Production Capacity
NABEP continues its efforts to increase oil production. The company has also purchased 60 drilling rigs, 30 boilers, and 70 other heavy equipment, which NABEP claims gives them the largest fleet of heavy equipment in Venezuela. Alexander Betancourt, CEO of NABEP, stated: "NABEP is making serious and steady progress in increasing oil production. Every rig that arrives in Venezuela brings us closer to our production goals and helps revive the country's economy."
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Investment Plans and Future
NABEP's recent purchases follow the company's agreement with the U.S. Departments of State and Defense in August to significantly increase oil production in Venezuela. NABEP claims to have the commercialization facts for 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 one million barrels per day.
Betancourt 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 expressed hope that they will continue their 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, which has been supported by an investment of about one billion dollars from its own resources. The company has employed 5,000 people and supports 10,000 contract workers in Venezuela.
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