NABEP Acquires New Rigs to Expand Venezuelan Oil Operations

North American Blue Energy Partners (NABEP) has expanded its operational capacity in Venezuela with the deployment of 11 new 550-horsepower workover rigs. This marks the first introduction of new mobile repair and maintenance systems to Venezuelan oil fields in more than 15 years.

In addition to the workover rigs, two new 1,500-horsepower drilling rigs arrived for NABEP's operations on October 7. The company reports acquiring a total of 60 drilling rigs, 30 steam boilers, and 70 heavy machinery units, establishing it as the owner of the largest fleet of heavy equipment in the country.

The new equipment acquisitions align with NABEP's agreement with the U.S. State Department and Department of Defense, made in August 2026, to significantly increase oil production in Venezuela. NABEP holds marketing rights for over 65 billion barrels of P1 oil reserves and intends to invest close to $100 billion to enhance production capacity and upgrade oil and gas infrastructure.

The company aims to increase daily production to over 1 million barrels per day in the short term. NABEP has already seen its production rise from approximately 18,000 barrels per day to over 200,000 barrels per day within two years, supported by roughly $1 billion in company investments. NABEP currently employs 5,000 individuals and supports 10,000 contract workers in Venezuela.