North American Blue Energy Partners (Nabep), the oil company led by Venezuelan businessman Alejandro Betancourt and in which the Government of the United States also participates, is launching a sixth drilling platform as part of its plan to increase production in Venezuela.
According to information from "Bloomberg" based on sources familiar with the operation, Nabep already operates three drilling platforms in the Junín area, in the heavy oil belt of the Orinoco. Three more units will soon be added, including a sixth platform that has just arrived in the South American country.
At the same time, the oil company currently has 13 reconditioning platforms intended for the repair and maintenance of wells, and expects to incorporate another 15 additional ones. Extraction records from October 19 stood at 223,509 barrels, which represents about 20,000 more daily units than in August.
The consulted sources indicate that Nabep is managing to expand without resorting to external financing or debt issuance. Furthermore, as 'cash flow' grows, the portion of resources that will be reinvested each year could increase by up to 50%.
The company does not currently plan to take out loans or issue new shares beyond the agreement with the United States, under which 35% of Nabep's capital is in the hands of the Pentagon's Office of Strategic Capital. However, it does keep the door open for possible commercial alliances with other companies in the sector.
Strategic Agreement with the United States
Nabep gained notoriety recently when then-President Donald Trump signed with the company what he defined as "the largest oil agreement in world history," through which it obtained a concession to exploit 17 fields with proven reserves of 65 billion barrels for 100 years.
Nabep's goal is to raise production to 500,000 barrels per day by the end of 2028, compared to the current 200,000. Since 2024, the company has multiplied its extraction level by more than ten and has established itself as the second largest private operator active in Venezuela.