Energy company North American Blue Energy Partners deployed 11 new 550-horsepower workover rigs, marking the first mobile maintenance unit additions to Venezuelan oilfields in 15 years.
, /PRNewswire/ -- Eleven new 550-horsepower workover rigs are being deployed for use by North American Blue Energy Partners (NABEP), marking the first time in more than 15 years that new mobile repair-and-maintenance systems will operate in Venezuelan oil fields.
In addition to the workover rigs, two new 1,500-horsepower drilling rigs arrived on October 7 for NABEP's operations with more equipment expected to arrive soon.
The new equipment complements NABEP's steady ramp-up of operations and production. Separately, the company has purchased 60 rigs, 30 steam boilers and 70 pieces of heavy machinery, giving it the largest heavy-equipment fleet in the country.
"NABEP is making serious and steady progress in increasing oil production. Every rig that arrives in Venezuela brings us closer to reaching our production goals and revitalizing our country's economy," said NABEP CEO Alejandro Betancourt. "The challenge ahead is large, but there is no better partner than the U.S. government. We look forward to continuing to share our progress in the months ahead."
The new equipment purchases follow the August 2026 agreement between NABEP and the U.S. Departments of State and War to significantly expand oil production in Venezuela. NABEP controls the rights to commercialize more than 65 billion barrels of P1 oil reserves in Venezuela and plans to invest nearly $100 billion to increase production capacity and improve oil-and-gas infrastructure. NABEP is rapidly expanding its operations in Lake Maracaibo and the Orinoco Belt. Its near-term goal is to increase production to more than 1 million barrels of oil per day.
NABEP has scaled its production from approximately 18,000 barrels per day to more than 200,000 in two years through roughly $1 billion in company-funded investment. The company employs 5,000 people and supports 10,000 contract employees in Venezuela.
NABEP is committed to the responsible development of energy resources, the safety of its people and the prosperity of the communities where it operates. www.nabep.net
By PR Newswire
North American Blue Energy Partners (NABEP)