North American Blue Energy Partners (NABEP), which acts as a partner of the U.S. government in increasing oil production in Venezuela, has added an average of 20,000 barrels per day to its production since August 2023 and is looking to further increase production by launching new drilling rigs.
Increase in Drilling Rigs and Oil Production
NABEP, introduced in August as one of the partners of the U.S. government in "the largest oil contract in world history," will soon activate three new drilling rigs in its fields. The company currently has three active drilling rigs in the Junín area of the Orinoco oil belt in Venezuela and will double its number of active rigs by adding new ones. One of the new rigs has recently arrived in Venezuela.
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According to provided information, NABEP has a 25-year plan to increase oil production in Venezuela, which includes bringing in 60 drilling rigs and 70 pieces of heavy construction equipment. The company's ultimate goal is to increase production to over one million barrels of oil per day. With the current average production of 223,500 barrels of oil equivalent per day (boepd), NABEP is seeking a tenfold increase in its production.
Investment and New Infrastructure
Investment in this project is estimated to require up to $100 billion for new oil infrastructure. Venezuelan interim officials have granted NABEP a 100-year right to operate 17 oil fields with proven reserves of about 65 billion barrels. This contract allows NABEP to quickly expand its operations in Lake Maracaibo and the Orinoco belt.
Alejandro Betancourt, an entrepreneur born in Venezuela, leads NABEP. However, no further details have been provided on how this operation will be financed. Rystad Energy has also reported that the $100 billion figure represents long-term financing needs, not immediate investment.
