North American Blue Energy Partners expands Venezuelan oil operations

North American Blue Energy Partners (NABEP) is expanding its oil operations in Venezuela through the deployment of new equipment. The company recently incorporated eleven 550-horsepower workover rigs and two 1,500-horsepower drilling rigs. This marks the first import of such mobile maintenance systems into the country in over 15 years.

NABEP’s expansion is part of a broader investment strategy that includes the acquisition of 60 rigs, 30 steam boilers, and 70 pieces of heavy machinery to build a major equipment fleet. The company aims to increase production to over 1 million barrels of oil per day, having already scaled from 18,000 to 200,000 barrels per day over the last two years.

The operational surge follows an August 2026 agreement between NABEP and the U.S. Departments of State and War. NABEP holds commercialization rights for more than 65 billion barrels of proven oil reserves and plans to invest nearly $100 billion in infrastructure within the Orinoco Belt and the Lake Maracaibo basin.