Key facts
- NABEP has increased oil production by approximately 20,000 barrels per day since August.
- The company plans to double its active drilling rigs in Venezuela to six.
- NABEP's current output is around 223,500 barrels of oil equivalent per day.
- The company has 100-year concessions for 17 oilfields with 65 billion barrels of reserves.
- NABEP aims to eventually increase production to over 1 million barrels per day.
North American Blue Energy Partners (NABEP), a company partnered with the U.S. Administration to boost oil production in Venezuela, has increased its output by approximately 20,000 barrels per day since August. The company plans to soon activate three additional drilling rigs, doubling its active rigs to six, and aims to eventually increase production tenfold. NABEP's current output stands at about 223,500 barrels of oil equivalent per day, with a long-term goal of exceeding 1 million barrels per day. The company holds 100-year concessions for 17 oilfields with an estimated 65 billion barrels of proven reserves.