NABEP Acquires New Drilling and Well Workover Rigs

North American Blue Energy Partners (NABEP) is enhancing its operational capacity in Venezuela through the acquisition of new drilling and well workover equipment. The company has deployed eleven new 550 horsepower workover rigs, marking the first time in over 15 years that new mobile maintenance and repair systems will operate in Venezuelan oil fields. Additionally, NABEP received two new 1,500 horsepower drilling rigs earlier in October.

This new equipment complements NABEP's ongoing expansion of operations and production. The company previously announced the acquisition of a substantial fleet, including 60 drilling rigs, 30 steam boilers, and 70 heavy machinery units, establishing the largest heavy machinery fleet in the country.

NABEP CEO Alejandro Betancourt stated that these acquisitions are crucial for achieving production goals and reviving the national economy. The company has entered into an agreement with the United States government to significantly expand oil production in Venezuela. NABEP controls the commercial rights to over 65 billion barrels of P1-classified oil reserves and plans to invest approximately $100 billion to increase production capacity and improve infrastructure.

The company aims to raise daily production to over one million barrels in the short term. Over the past two years, NABEP has successfully increased its production from approximately 18,000 barrels to over 200,000 barrels per day through self-financed investments totaling around $1 billion. The company employs 5,000 individuals and supports an additional 10,000 contractors in Venezuela.