NABEP targets 500,000 barrels of Venezuelan oil per day by 2028

North American Blue Energy Partners (NABEP) has released a production roadmap aiming to increase crude oil output in Venezuela to 500,000 barrels per day by late 2028, up from current levels of approximately 200,000 barrels. The company has expressed a long-term ambition to eventually reach 1 million barrels per day.

The expansion follows a significant agreement between NABEP and the U.S. government, which the Trump administration has described as “the biggest oil deal in world history.” Under the terms of the pact, NABEP holds 100-year concessions to exploit 17 fields with estimated proven reserves of 65 billion barrels. The agreement includes a 35% equity stake for the U.S. government, a detail that has drawn scrutiny from industry observers.

NABEP, led by CEO Alejandro Betancourt, is currently the second-largest private oil producer in Venezuela. While the company intends to fund expansion through operational cash flow, management noted that the partnership with the U.S. Departments of State and Defense serves to accelerate their development trajectory.