Key facts
- 11 new workover rigs and 2 drilling rigs have arrived in Venezuela.
- NABEP reports its oil production has increased to over 200,000 bpd.
- Independent Rystad Energy estimates NABEP-associated production at 200,000 bpd.
- NABEP operates PetroZamora fields, which produced 18,000 bpd in early 2024.
North American Blue Energy Partners (NABEP) has deployed 11 new workover rigs and two drilling rigs in Venezuela, marking the first new mobile repair units in over 15 years. The company stated that its production has increased from 18,000 barrels per day to over 200,000 in two years, supported by approximately $1 billion in company-funded investment. This growth trend is corroborated by Rystad Energy, which estimates NABEP-associated production has risen to 200,000 barrels per day from 90,000 at the end of 2024. The PetroZamora fields, operated by NABEP since April 2024, saw production increase from 18,000 barrels per day at the start of the year to 100,000 by mid-2026. This recovery is attributed to restarting infrastructure and applying capital and equipment to existing fields, a method described as brownfield recovery. The company directly employs over 5,000 people in Venezuela and supports more than 10,000 contract workers.