North American Blue Energy Partners (NABEP) plans to expand its drilling and well-servicing fleet in Venezuela to 41 rigs during November. The company reported production of 223,509 barrels of oil equivalent per day in October, representing an increase of nearly 12% from approximately 200,000 barrels per day in August. The expansion includes drilling equipment operating in the Orinoco Belt, as well as workover rigs designed to restore production at existing fields. The increase in operational capacity reflects renewed activity in Venezuela’s oil sector, where production growth will depend not only on new drilling but also on rehabilitating existing infrastructure, improving field performance, and securing the investment required to sustain operations.
North American Blue Energy Partners (NABEP) is an energy company involved in Venezuela’s oil sector, with operations focused on expanding drilling and well-servicing activities to support the country’s crude oil production.
Expanding Venezuela's Production Capacity
The expansion of NABEP's drilling fleet highlights the importance of independent operators and service companies in Venezuela's oil recovery. Increasing production requires more than access to reserves: companies must restore wells, maintain equipment, secure financing, and establish reliable operational conditions.
The Orinoco Belt remains central to this process because of its substantial heavy-oil resources and potential to support long-term production growth.
VZ Economics has examined the investment conditions and operational challenges surrounding Venezuela's energy sector, particularly the importance of establishing commercially viable projects and attracting international capital.
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